Forex transactions on FMDQ platform increases by $1.79 in September

Foreign exchange transactions on the FMDQ platform jumped to $7.19 billion in September, up by 33.10 per cent or $1.79 billion from the previous month’s figure.

According to the monthly report on the FMDQ OTC Securities Exchange released on Monday, third Naira-settled OTC FX Futures contract reported total outstanding amount of $179.93 million, priced at ?296/$, matured and was settled within the month.

Activities in the forex market for the period accounted for 25.74 up from 23.29 per cent in August. Turnover of transactions in the Fixed Income and Currency (FIC) markets for the month amounted to 10.85 trillion, up by 11.30 per cent over the value recorded in August and a 5.45 per cent decline year-on-year.

Treasury bills transactions accounted for 36.85 per cent of the total turnover while Secured Money Market (Repurchase Agreements (Repos)/Buy-Backs) accounted for 28.24 per cent, as against 31 per cent in August of FX market

“The CBN revised the rates on all outstanding OTC FX Futures contracts, whilst a new 12-month contract was introduced at $1/243.50

“Member-Member trades stood at $1.05bn in the month of September, an increase of 97.15 per cent ($0.52 billion) compared with trades recorded in August and 41.53 per cent year-on-year.

“Member-Client trades also increased by 26.08 per cent, ($1.27 billion) from the previous month and 17.91 per cent ($1.34 billion) year-on-year.

“Turnover in the Fixed Income market for the month settled at ?4.78trn, 6.42 per cent (?0.33 trillion) below the previous month’s value, with transactions in the Treasury Bills market accounting for 83.74 per cent of the Fixed Income market turnover.”