FMDQ reports $47.69m as total market turnover traded on its exchange in March 2021

Charles Abuede

The Financial Markets Dealers Quotations (FMDQ) has reported that a total of $47.69 million or N1.8 billion was traded as total market turnover by its dealing members in the month of March 2021 on all products traded at the FMDQ secondary market. These included the foreign exchange, treasury bills, money market (repurchase agreements, buy-backs and unsecured placements and takings) and bonds (FGN bonds and other bonds), foreign exchange and money market derivatives. These figures, however, exclude the primary market auctions in treasury bills, bonds and foreign exchange.

The data that was accessed on the firm’s website on Wednesday shows that during the month of March 2021, $4.4 million was traded in foreign exchange while $8.0 million was traded in the foreign exchange derivatives during the review month. Furthermore, in 20 working business days on the over the counter (OTC) securities exchange, there was an average daily turnover of $2.4 million or N977.5 million traded on the platform.

Furthermore, total treasury bills traded on the platform amounted to $4.2 million while the open market bills climbed to $14.6 million as part of interventionist efforts aimed at mopping up excess liquidity in existence within the over the counter exchange during the period. Though, the CBN special bills pumped into the market to sustain the liquidity level in the market stood at $3.4 million during the month under review.

Elsewhere in the bond segment of Nigeria’s over the counter securities exchange, a total of $3.6 million was traded as the federal government bond were $173 thousand worth of trades was exchanged in the Eurobond segment of the market as no trade was recorded in the other bonds categories, including agency, sub-national, corporate, supranational bonds and promissory notes.

At the money market end of the secondary market on the FMDQ securities exchange, the repurchase agreements, buy-backs and unsecured placements and takings were valued at $7.6 million and $1.7 million respectively while there were records of trading activities in commercial papers and other money market derivatives in the FMDQ market.