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FMDQ OTC Securities Exchange, an over-the-counter market operator for fixed income securities, has reported a 36.13 percent month-on-month growth in total volume of transactions for July 2016.

In its monthly report released on Monday, FMDQ said turnover rose to N12.74 trillion last month from N9.36 trillion recorded in June. Total transactions in FMDQ’s FX market was $9.46 billion in July, up 25.92 percent from $7.51 billion reported in the previous month.

On a year-to-date basis, FMDQ said total turnover declined by 7 percent last month, while FX turnover declined by 39.96 percent compared to July last year.

FMDQ said the first naira-settled OTC FX futures contract priced at N279 per dollar matured in the month of July with a total settlement amount of N962.23 million paid out to counterparties on a total notional value of $26.73 million.

“The naira depreciated by 12.18 percent to close at N321.16 per dollar for the month whilst the parallel market depreciated by 6.72% to close at N372 per dollar,” FMDQ said.

Turnover in the fixed income market stood at N4.77 trillion in July, an increase of 18.47 percent from the N4.02 trillion recorded last month. Trading in treasury bills accounted for 89.86 percent of turnover in the fixed income market.

The money market recorded a turnover of N4.46 trillion in July with 86.60 percent of transactions recorded in the secured placements (repurchase agreements and buybacks). The total number of executed trades captured on the E-Bond trading platform for July was 16,483 as against 13,887 recorded in the previous month.