FMDQ Securities Exchange has posted 13.66 per cent turnover in the Fixed Income and Currency for the month of July.
In a monthly FIC report, it said a turnover of N18.72tn was recorded in July against the N16.47tn achieved in June.
A breakdown of the report indicates that Open Market Operations, money market transactions and unsecured placements remained the highest contributors to the FIC markets in the month under review.
Specifically, it accounted for 60.16 per cent of the total FIC market turnover against June’s 55.44 per cent.
The report said that total foreign exchange market turnover stood at $10.82bn (N4.20tn), indicating a month-on-month increase of 25.38 per cent against $8.63bn (N3.34tn) in June.
Further analysis of FX market turnover indicates that FX Derivatives accounted for 70.32 per cent ($1.54bn) of the total increase in FX market turnover achieved in July.
In the OTC FX Futures market, the near month contract with a total outstanding notional value of $1.37bn matured and was settled, while a new long-term contract was introduced at $/N581.52.
“On July 7, the Central Bank of Nigeria Official Spot US$/N exchange rate closed at $/N381, representing a decrease of $/N20 in the Official Spot FX rate compared to the closing rate of $/N361 as at July 6, 2020.
This represents the first $/N FX rate devaluation by the CBN since March 20, 2020, when the Official Spot FX rate was adjusted to $/N361.00 from $/N307.
“Consequently, the CBN Official Spot FX rate closed at an average of $/N377.19 in July 2020, representing a decrease of 4.48 per cent ($/N16.19) from $/N361 recorded in June 2020.
At the Investors’ and Exporters’ FX Window, the naira depreciated against the United States dollar, losing 0.28 per cent ($/N1.09) to close at an average of $/N387.48 in July 2020 from $/N386.39 in June.
