OTC Market Records N11.53tr Turnover in July

Turnover recorded in the OTC market for the month of July 2017 amounted to ₦11.53trn; an 8.62% (₦1.08trn) increase from the value recorded in June 2017. Treasury bills’ transactions accounted for 43.66% of total turnover while FGN bonds accounted for 4.53%.

In the same period, Money Market and Foreign Exchange market activities accounted for 29.71% and 22.01% of total turnover respectively.

The value of transactions in the FX Market decreased by 4.90% ($0.40bn) month-on-month, as the Central Bank of Nigeria decreased its supply of FX into the market, via several interventions, by 32.12% ($0.56bn) to settle at $1.17bn in the month under review.

Liquidity flows via the I&E FX Window continued to improve as total volumes traded for the month settled at $1.85bn, an increase of 13.80% ($0.22bn) from the previous month. So far, the total volumes traded in the Window since its inception stands at $5.42bn as at the reporting date. Exchange rates for the Naira converged even further during the period under review as the Parallel Market closed the month at $/₦365.00, trading at a ₦2.88 premium to the Investors’ & Exporters’ FX Window which closed at $/₦367.88.