FMDQ Exchange said Turnover in the Fixed Income and Currency (“FIC”) markets for the month ended July29, 2020 on its platform was ₦18.72 trn,
This indicates a month-on-month (MoM)1increase of 13.66% (₦2.25trn) from the turnover recorded in June2020 (₦16.47trn) and a year-on-year (YoY2 ) increase of 14.43% (₦2.36trn) from the turnover recorded in July2019(₦16.36trn).
As at July29,2020, year-to-date (YTD3) turnover was c.₦136.00trn, representing a YoY increase of 0.30% (₦0.41trn) on the YTD turnover of ₦135.58trn recorded in July2019▪
OMO4 bills and Money Market transactions (Repurchase Agreements [“Repos”] & Unsecured Placements/Takings) remained the highest contributors to the FIC markets in July2020, jointly accounting for 60.16% of the total FIC market turnover.
Foreign Exchange (“FX”) Market Total FX market turnover in July2020 was $10.82bn (₦4.20trn), representing a MoM increase of 25.38% ($2.19bn) from the turnover recorded in June 2020 $8.63bn (₦3.34trn).
Analysis of FX market turnover indicates that FX Derivatives accounted for 70.32% ($1.54bn) of the total MoM increase in FX market turnover in July2020. In the OTC FX Futures market, the near month contract5 (NGUS JUL292020) with a total outstanding notional value of $1.37 bn matured and was settled, whilst a new long-term (60-month) contract, NGUS JUL 30 2025 was introduced at a rate of $/₦581.52.
The total notional value of open OTC FX Futures contracts as at July29, 2020 stood at c.$12.69bn, representing a 3.64% ($0.48bn) decrease on the value of open contracts as at June 30, 2020 (c.$13.17bn).
It marks a continuing downward trend in the value of open contracts since May 2020, while the total notional value of OTC FX Futures contracts traded since inception stood at $48.85bn as at July29, 2020.
