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3 Banks Account For N45.49trn Forex Turnover In 11 Months – FMDQ

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FMDQ OTC Securities Exchange has revealed that three deposit money banks accounted for N45.4 trillion foreign exchange turnover transactions in 11 months.

The FMDQ OTC report also revealed that between January and November 2017, 10 Banks accounted for 71.72per cent or N93.36 trillion of the overall turnover in the market.

The FMDQ OTC monthly report did not breakdown each banks foreign exchange turnover transactions.

According to FMDQ, Stanbic IBTC Bank Plc, Access Bank Plc and Ecobank Nigeria Limited came first second and 3rd respectively, in the value traded for the overall over-the-counter (OTC) market, maintaining their position in the League Table as the top three banks for eight consecutive months.

Other banks, United Bank For Africa Plc, Standard Chartered Bank and First Bank of Nigeria Limited were on fourth, fifth and sixth positions respectively.

Exceptionally, Citibank Nigeria Limited and Diamond Bank Plc, swapped positions to occupy seventh and eighth places respectively.

The last two banks, according to the report, were Union Bank of Nigeria Plc and Guaranty Trust Bank Plc.

The report said turnover on all products traded in November 2017 recorded N14.85 trillion, an increase of 21.92per cent when compared to N12.18 trillion recorded in October 2017, bringing the total year-to-date (YTD) turnover to N130.17 trillion.

Breakdown of the N130.17 trillion revealed that market turnover in foreign exchange market stood at N18.7 trillion, while foreign exchange derivatives between January and November closed at N15.5 trillion.

Market turnover in Treasury Bills between January and November closed at N56 trillion; FGN Bonds, N9 trillion; Other Bonds, N27 billion; Eurobonds, N82 billion and Repurchase Agreements/Buy-Backs, N2.16 trillion.

Others are Unsecured Placements/Takings, N1.4 trillion and Money Market Derivatives, N22.8 billion.

“The month-on-month (MoM) growth was primarily driven by increased trading activities experienced in the T-bills and Repos/Buy-Back product categories, which respectively made up 23.92per cent and 50.04per cent of overall turnover for November 2017,” FMDQ OTC stated.

According to FMDQ, 2017 recorded a steady flow of transactions and activities in the Naira-settled OTC foreign exchange Futures market.

“To date, $10.38 billion worth of OTC FX Futures contracts have traded so far with the CBN remaining steadfast in its commitment to ensuring the success of the market.

“As it has been the norm for 17 maturities on FMDQ, the OTC FX Futures Exchange, the 18th OTC FX Futures contract matured and settled successfully on December 27, 2017. Having ceased trading on December 20, 2017, in line with the OTC FX Futures Market Operational Standards, the 18th OTC FX Futures contract, NGUS DEC 27 2017, with notional amount $499.20 million, matured and settled on FMDQ. This brings the total value of contracts so far matured on FMDQ to $7.35 billion.

“A new contract, NGUS DEC 26 2018, for $1.00 billion at $/N362.84 has been introduced by the CBN to replace the matured contract,” the report explained.



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