Turnover on FMDQ hits N356tn in 10 months — Report

Within the first ten months of the yr, whole turnover on the FMDQ Trade stood at N356.86tn, indicating a 93.01 per cent increment in comparison with October 2023.

This was revealed within the FMDQ Highlight, the in-house e-newsletter of the FMDQ Group launched just lately.

These embrace the turnover on all merchandise traded within the FMDQ secondary market: overseas trade, treasury payments, OMO payments, CBN particular payments, promissory notes, bonds (FGN bonds, different bonds (company, sub-national, company & supranational), sukuk & eurobonds), business papers, and cash market transactions (repurchase agreements and unsecured placements/takings). They exclude major market auctions in T-bills and bonds.

The information, collated from the weekly commerce knowledge submissions by FMDQ Trade Dealing Member (Banks), represents trades executed amongst the Dealing Member (Banks), Dealing Member (Banks) & Shoppers, and Dealing Member (Banks) and the CBN.

As of October, the overall turnover amounted to N356.86tn.

“Buying and selling actions within the FX (Spot FX and FX Derivatives) market had the biggest contribution, accounting for 46.85 per cent of general market turnover. Repurchase Agreements (Repos) accounted for 26.12 per cent, while transactions in OMO Payments accounted for 10.54 per cent. Bonds, T-bills, CBN Particular Payments, promissory notes, and unsecured placements & takings accounted for five.97 per cent, 9.55 per cent, 0.82 per cent, 0.01 per cent and 0.14 per cent of general market turnover,” a part of the report learn.

The rankings of the highest 10 Dealing Members (Banks) within the FMDQ Trade markets by general market turnover confirmed Stanbic IBTC Bank Restricted, United Financial institution for Africa PLC, and First Bank of Nigeria Restricted ranked 1st, 2nd, and third, respectively, based mostly on worth traded throughout the evaluate interval.

The highest 10 Dealing Members accounted for 69.20 per cent (N246.9tn), whereas the highest three accounted for 38.66 per cent (N137.94tn) of the general turnover of trades within the secondary market.

Different dealing members within the high ten embrace Standard Chartered Bank Nigeria Restricted, Wema Bank PLC, Access Bank PLC, Zenith Bank PLC, Sterling Bank PLC, and Citibank Nigeria Restricted, and Ecobank Nigeria Restricted.

It was additionally revealed that the a hundred and first Cleared Naira-Settled Non-Deliverable Forwards contract—NGUS NOV 27 2024, with a nominal worth of $15.00m—has matured and has been settled on the FMDQ Trade.

This brings the overall worth of matured FX futures contracts on the Trade, since its inception in June 2016, to roughly $67.70bn, with a complete of circa $67.79 billion to this point traded.

Moreover, FMDQ Trade launched a brand new contract, NGUS NOV 28 2029, with a fee of $/N5,523.30, which replaces the matured contract.