Turnover on FMDQ hits N356tn in 10 months — Report

In the first ten months of the year, total turnover on the FMDQ Exchange stood at N356.86tn, indicating a 93.01 per cent increment compared to October 2023.

This was revealed in the FMDQ Spotlight, the in-house newsletter of the FMDQ Group released recently.

These include the turnover on all products traded in the FMDQ secondary market: foreign exchange, treasury bills, OMO bills, CBN special bills, promissory notes, bonds (FGN bonds, other bonds (agency, sub-national, corporate & supranational), sukuk & eurobonds), commercial papers, and money market transactions (repurchase agreements and unsecured placements/takings). They exclude primary market auctions in T-bills and bonds.

The data, collated from the weekly trade data submissions by FMDQ Exchange Dealing Member (Banks), represents trades executed amongst the Dealing Member (Banks), Dealing Member (Banks) & Clients, and Dealing Member (Banks) and the CBN.

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

“Trading activities in the FX (Spot FX and FX Derivatives) market had the largest contribution, accounting for 46.85 per cent of overall market turnover. Repurchase Agreements (Repos) accounted for 26.12 per cent, whilst transactions in OMO Bills accounted for 10.54 per cent. Bonds, T-bills, CBN Special Bills, promissory notes, and unsecured placements & takings accounted for 5.97 per cent, 9.55 per cent, 0.82 per cent, 0.01 per cent and 0.14 per cent of overall market turnover,” part of the report read.

The rankings of the top 10 Dealing Members (Banks) in the FMDQ Exchange markets by overall market turnover showed Stanbic IBTC Bank Limited, United Bank for Africa PLC, and First Bank of Nigeria Limited ranked 1st, 2nd, and 3rd, respectively, based on value traded during the review period.

The top 10 Dealing Members accounted for 69.20 per cent (N246.9tn), while the top three accounted for 38.66 per cent (N137.94tn) of the overall turnover of trades in the secondary market.

Other dealing members in the top ten include Standard Chartered Bank Nigeria Limited, Wema Bank PLC, Access Bank PLC, Zenith Bank PLC, Sterling Bank PLC, and Citibank Nigeria Limited, and Ecobank Nigeria Limited.

It was also revealed that the 101st Cleared Naira-Settled Non-Deliverable Forwards contract—NGUS NOV 27 2024, with a nominal value of $15.00m—has matured and has been settled on the FMDQ Exchange.

This brings the total value of matured FX futures contracts on the Exchange, since its inception in June 2016, to approximately $67.70bn, with a total of circa $67.79 billion so far traded.

Additionally, FMDQ Exchange introduced a new contract, NGUS NOV 28 2029, with a rate of $/N5,523.30, which replaces the matured contract.