The total turnover for January – April 2019 amounted to ₦79.61trn. Trading activities in FX (Spot FX and FX Derivatives) contributed the largest to overall turnover, accounting for 37.99% of the market.
Treasury bills transactions accounted for 37.60%, whilst Repurchase Agreements (Repos)/Buy-Backs product categories accounted for 18.85%, and Bonds, Unsecured Placements & Takings and Money Market Derivatives representing 5.06%, 0.48% and 0.01% respectively, of overall market turnover.
The FMDQ OTC Market Turnover Report shows the turnover on all products traded on the FMDQ secondary market – Foreign Exchange (FX), Treasury Bills (T.bills), Bonds (FGN Bonds, other Bonds (Agency, Sub-national, Corporate & Supranational) & Eurobonds)), Commercial Papers and Money Market (Repos/Buy-Backs and Unsecured Placements/Takings). These figures exclude primary market auctions in T.bills and Bonds.
The top ten (10) Dealing Member (Banks) accounted for 77.25% (₦61.50trn) of the overall turnover in the market, with the top three (3) accounting for 43.09% (₦34.31trn) of this sub-section of the market. Stanbic IBTC Bank PLC, United Bank for Africa PLC and Access Bank PLC remained leaders in the value traded for the overall over-the-counter (OTC) market, ranking 1st, 2nd and 3rd respectively.
4. STANDARD CHARTERED BANK NIGERIA LIMITED
5. ECOBANK NIGERIA LIMITED
6. FIRST BANK OF NIGERIA LIMITED
7. CITIBANK NIGERIA LIMITED
8. CORONATION MERCHANT BANK LIMITED
9. ZENITH BANK PLC
10. WEMA BANK PLC
The data, collated from the weekly trade data submissions by FMDQ Dealing Member (Banks), represents trades executed amongst the Dealing Member (Banks), Dealing Member (Banks) & Clients, and Dealing Member (Banks) & the CBN.
A review of market participation for bond listings revealed that of the twenty-nine FMDQ RMLs, only two were sponsors to bonds listed on the Exchange in the period.
For the period under review, the Commercial Paper market saw the participation of three RMQs out of thirty- four FMDQ RMQs.