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FMDQ reports N16.47tn turnover in June

Turnover in the Fixed Income and Currency (FIC) markets for the month ended June 30, 2020 was N16.47 trillion, indicating a month on month (MoM) increase of 39.81 per cent (N4.69 trillion) from the turnover recorded in May 2020 (11.78 trillion).

 

This represents a year-onyear (YoY) decrease of 13.86 per cent (N2.65 trillion) from the turnover recorded in June 2019 (N19.12 trillion). As at June 30, 2020, YTD turnover stood at N117.27 trillion, representing a YoY decrease of 1.64 per cent (N1.95 trillion) on the YTD turnover of N119.22 trillion recorded in June 2019.

 

OMO bills and money market transactions (Repurchase Agreements [Repos] & Unsecured Placements/takings) remained the highest contributors to the FIC markets in June 2020, jointly accounting for 54.44 per cent of the total FIC market turnover.

 

Total FX market turnover in June 2020 was $8.63 billion (N3.34 trillion), representing a MoM increase of 13.25 per cent ($1.01 billion) from the turnover recorded in May 2020 $7.62 billion (N2.94 trillion). Analysis of FX market turnover indicated an increase in  FX market activity by product type with FX Derivatives accounting for 91.09 per cent ($0.92 billion) of the total MoM increase in FX turnover in June 2020.

 

In the OTC FX Futures market, the near month contract (NGUS JUN 24 2020) with a total outstanding notional value of $1.93 billion matured and was settled, whilst a new long-term contract (60-month) , NGUS JUN 25 2025 was introduced at a contract rate of $/ N579.37.

 

The total notional value of open OTC FX Futures contracts as at June 30, 2020 stood at c.$13.17 billion, representing a 5.52 per cent ($0.77 billion) decrease on the value of open contracts as at May 29, 2020 (c.$13.94 billion), and continuing the downward trend in open contract values since April 2020, while the total notional value of OTC FX  Futures contracts traded since inception stood at $47.96 billion as at June 30, 2020.

 

The average Central Bank of Nigeria (CBN) official spot US$/N exchange rate remained flat at $/N361.00 in June 2020 similar to the average rate recorded in May 2020, while the Naira depreciated against the US dollar at the Investors’ and Exporters’ (I&E) FX Window, losing $/N0.22 to close at an average of $/N386.39 in June 2020 from $/N386.17 recorded in May 2020.

 

In the parallel market, the naira depreciated against the dollar losing $/N3.66 to close at an average of $/N452.38 in June 2020 from $/N448.72 recorded in May 2020 Fixed Income (FI) Market (T.bills,OMO bills and FGN7 Bonds) .

 

In the primary market, average discount rates on the 91- day, 182-day and 364-day T.bills decreased MoM by 58bps , 67bps and 5bps to 1.90 per cent, 2.12 per cent and 3.88 per cent respectively in June 2020.

 

Similarly, the average discount rates on the 82 – 89 day, 159 – 180 day and 334 – 348 day OMO bills declined by 272bps, 375bps and 377bps respectively to 4.95 per cent, 7.79 per cent and 8.99 per cent respectively in June 2020, compared to the average discount rate for issuances in April 2020.

 

Further, the marginal rates for the 5-year, 15-year and 30- year FGN Bonds reopenings decreased by 120bps, 70bps and 45bps to 8.00 per cent, 11.00 per cent and 12.15 per cent respectively in June 2020, compared to the marginal rates for issuances in May 2020.

 

The total value of T.bills outstanding remained flat at N2.76 trillion as at June 30, 2020 from May 29, 2020 representing a YTD increase of 6.98 per cent (N0.18 trillion).

 

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