Bola Onodele Managing Director FMDQThe FMDQ OTC Securities Exchange on Thursday February 1, 2018, released achievement transactions record of a N142 trillion total over-the-counter (OTC) market turnover in 2017. This indicated a year-on-year growth rate of 24.97 per cent from the N113.65 trillion recorded in 2016.
According to the statement excerpt s from the FMDQ OTC Exchange’s Spotlight Newsletter for January 2018. The statement also disclosed that the increase was in response to the gradual recovery of the Nigerian economy, following the recessionary trends which shaped activities in the year 2017.
Furthermore report showed the turnover on all products traded on the FMDQ secondary market, FX, T-bills, Bonds (Federal Government of Nigeria (FGN), other Bonds (Agency, Sub-national, Corporate, Supranational & Eurobonds) and Money Market (Repos/Buy-Backs and Unsecured Placements/Takings).
These figures exclude primary market auctions in T-bills and bonds. Trading activities in the T-bills market contributed the largest to overall turnover, accounting for 42.47 per cent of the total market turnover.