Over the Counter Market Post N7.43trillion Turnover in May

Over- The-Counter, OTC, market, recorded a turnover of ₦7.43 trillion in May, a figure, which is 21.22 per cent lower than the value recorded in the previous month, FMDQ OTC report showed.

A breakdown of activities in OTC in May, showed that FX transactions accounting for 13.30 per cent of the total value.

In the fixed income market, bearish sentiments prevailed in the short-, mid- and long-term maturities as yields trended upwards.

Similarly, open-buy-back and overnight rates remained in the single digit range, averaging 6.54 per cent and 7.08 per cent respectively. Meanwhile, T.bills continued its dominance in the fixed income market, accounting for 82.51 per cent of all trades.

For the month of April, 2016, turnover recorded in the OTC market was ₦9.43 trillion; 9.86 per cent higher than the value recorded in March 2016.

FX transactions accounting for 16.69 per cent (March – 18.67%) of the total value. In the fixed income market, bearish sentiments prevailed in both mid- and long-term maturities as yields trended upwards while yields declined on short-term maturities.

Open-buy-back and overnight rates experienced minimal volatility averaging 4.23 per cent and 4.71 per cent respectively, while T.bills continued its dominance in the fixed income market, accounting for 81.72 per cent (March – 78.21per cent) of all trades.