Fixed Income/Currency Trade Rises By 24.6 % Y-oY At September 2019

Trading in fixed income and Currency on the trading floor of FMDQ securities has continued to gain momentum, as turnover in fixed income and Currency market appreciated by 24.57 per cent Year-on-Year to close market at N3.28 trillion in September 2019.

However, market transaction for the month ended October 31, 2019 was N16.63 trillion, representing a 13.39 per cent (N2.57 trillion) Month-on-Month decrease on turnover recorded in September 2019 which total trade stood at N19.20 trillion.

Meanwhile, Total FX market turnover in October 2019 was $13.97bn (₦5.06trn), representing a 22.90 per cent ($4.15 billion), Month-on-Month decrease from the turnover recorded in September 2019 ($18.12 billion).

It will be recall that, in October 2019, the Central Bank of Nigeria (CBN) Official Spot rate remained constant at $/₦307.00. Similarly, the parallel market rate remained constant at $/₦360.00 while the closing rate for the Naira against the US Dollar at the Investors’ and Exporters’ (“I&E”) FX Window depreciated by $/₦0.43 to close at $/₦362.66 in October 2019.