Turnover in the fixed income and currency (FIC) market for the month ended June 30, 2018 grossed an all-time high of N17.23 trillion, data from the Financial Market Dealers Quote (FMDQ) has shown.
The turnover is a 20.53 percent or N2.93 trillion month-on-month (m-o-m) increase and a 36.49 percent (N4.61trn) year-on-year (y-o-y) increase on the turnover recorded in June 2017.
A breakdown of the figure reveals that the treasury bills (T-bills) and foreign exchange (FX) segments jointly accounted for 79.35 percent of total turnover in the FIC market in June, representing a marginal increase of 3.44 percentage points (ppts) from the 75.91 percent recorded in May.
FX market turnover recorded the highest m-o-m increase, growing by 34.50 percent or N1.79 trillion while unsecured placement/takings turnover recorded the highest decrease, falling by 42.54 percent or N0.03 trillion.
Total FX market turnover in June was $19.80 billion, a 34.04 percent increase from the turnover recorded in May.
Liquidity flows at the Investors & Exporters (I&E) FX Window in June closed at $3.93 billion, representing a 38.59 percent or $2.47 billion m-o-m decrease from the value recorded in May ($6.40bn).
So far, the total volumes traded at the window year-to-date stands at $30.28 billion. Exchange rate for the naira depreciated at the I&E FX window, losing N0.35 to close at N361.32 to $1 from N360.97 to $1 as at May 31, 2018, whilst also trading at a discount to the parallel market as rates closed in June at N362.00 to $1 from N363.00 as at May 31, 2018.
