OTC records N6.57 trillion transactions in one month
A turnover of N6.57 trillion was recorded in the OTC market for February 2016 representing ₦0.78 trillion or 10.86 per cent less than a turnover of ₦7.35 trillion recorded in January 2016.
According to FMDQ OTC Plc report, foreign exchange transactions accounted for 23.89 per cent of the total value.
It explained that bearish sentiments prevailed in the Fixed Income market as yields trended upwards within the review period. On the average, the yield curve shifted upwards 14 basis points.
High liquidity remained a feature of the Money Market with overnight rate closing the month at 1.38 per cent. Trades in Treasury .bills continued its dominance of the Fixed Income market accounting for 74.18 per cent of all trades.’’
Also in January, a turnover of ₦7.35 trillion was recorded in the Over The Counter (OTC).
Bearish sentiments also prevailed in the fixed income market as yields trended upwards on all tenors within the review period, while yield curve shifted upwards by 98 basis points on the average. High liquidity remained a feature of the money market with overnight rate averaging 2.59per cent.
Trades in Treasury bills dominated the fixed income market, accounting for 64.07per cent of all activities.
The Managing Director of the FMDQ OTC, Bola Onadele explained that FMDQ remains steadfast in its commitment to facilitate growth and development in the Nigerian financial market, with specific focus on the debt capital market, and the Nigerian economy at large, and has actively commenced the year on initiatives being developed to address this growth and development.
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