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Frontpage

Turnover in Nigeria’s fixed income, currency markets declines 12.05% in September despite FX transactions growing 10%

October 18, 20171.3K views0 comments

Transaction turnover in Nigeria’s fixed income and currency markets declined 12.05 percent month-on-month in September 2017 to ₦11.34 trillion, representing ₦1.55 trillion fall from the value recorded in August and a 1.79 percent (₦0.22trn) increase year-on-year, according to the latest FMDQ OTC monthly report seen by Businessamlive.

The report specifically indicates transactions in the FX market recorded an increase of 10.01 percent ($1.28bn) when compared with the value recorded in August ($12.76bn) to settle at $14.04 billion in September.

In the month under review, rates for the naira traded relatively flat as the Investors’ & Exporters’ (I&E) FX Window witnessed the only decline closing at ₦360.40/$ (from $/₦360.39) whilst also trading at a premium to the parallel market, which maintained a flat rate for month of September opening and closing at ₦365.00/$.

However, the CBN4 official spot rate experienced a slight appreciation, gaining ₦0.15 to close at ₦305.75/$ from ₦305.90/$ at the beginning of the month

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As at end-September, the total value traded in the I&E FX Window settled at $4.60 billion for September, an increase of 30.20 percent ($1.08bn) when compared with the value recorded in August ($3.53bn).

The report equally indicates that the total value traded at the I&E FX Window since inception stands at $13.56 billion.

It also indicates that the treasury bills (T-bills) segment of the fixed income market continued its dominance in the market in the review period, accounting for 38.45 percent (41.01% in August) while FGN2 bonds recorded 9.08 percent (4.21% in August) of total turnover in the month.


Multiple taxation, infrastructure deficit hinder Nigeria’s economy growth, LCCI says


Specifically, transactions in the T.bills market accounted for 80.88 percent of the overall fixed income market, from 90.67% the previous month

On the other hand, activities in the foreign exchange (FX) market accounted for 36.49 percent (31.12% in August) while money market (repurchase agreements [Repos]/buy-backs and unsecured placements/takings) accounted for 15.92 percent (23.42% in August) of total turnover for the reporting period

Inter-member trades stood at $0.78 billion in the month of September, a 45.49 percent decrease when compared with trades recorded in August, and a 29.95 percent decrease year-on-year. Member-Client trades stood at $9.12bn in September, an increase of 6.02% ($0.52bn) from the previous month

Member-CBN trades stood at $4.13 billion in September ($2.72bn in August), representing an increase of 51.79 percent ($1.41bn) month-on-month and an increase of 145.14 percent ($2.45bn) year-on-year.

The 15th Naira-settled OTC FX Futures contract, NGUS SEPT 20, 2017, worth $383.30mm, matured and settled in September, whilst a new 12-month contract – NGUS Sept 26, 2018 – for $1.00bn, was introduced by the CBN at $/₦361.41 fixed income market (T.bills and FGN Bonds)

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TagsCBN currency markets FMDQ OTC FX Futures contract I&E FX Window Naira-settled OTC Transaction turnover Treasury bills
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