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FMDQ Market Report

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FMDQ OTC Securities Exchange

Commentary on the foreign exchange (FX) market with data for the week-ended April 13, 2018.

▪ The Central Bank of Nigeria (CBN) intervened through its periodic supply of US Dollars in the FX market, offering $100.00 million at a marginal rate of $/₦332.00 via a Single Secondary Market Intervention Sales (SMIS) – Wholesale session held during the week-ended April 13, 2018.

The apex bank also maintained its intervention for Small and Medium-Scale Enterprises (SMEs) & Retail Invisible transactions supplying $55.00 million each for both interventions

▪ In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades recorded for the week- ended April 6, 2018 stood at $1.34 billion.

This represents an increase of 3.88% ($0.05 billion) when compared to the $1.29 billion traded in the previous week, bringing the total value traded at the Window year-to-date to $16.55 billion

▪ For the reporting week-ended April 13, 2018, the CBN official rate fell by ₦0.05 to close at $/₦305.55, indicating a 0.02% appreciation when compared to $/₦305.60 recorded the previous week-ended April 6, 2018

▪ In the Bureau de Change (BDC) market, still at the end of reporting week, the exchange rate, remained unchanged to close at $/₦363.00

▪ For the reporting week-ended April 13, 2018, the Naira appreciated at the I&E FX Window, gaining ₦0.01 as the rate opened the week at $/₦360.33, and closed at $/₦360.32, resulting in a spread of $/₦2.68 between the BDC market rate and I&E FX Window rate

▪ On the other hand, the spread between the BDC market rate and the CBN official exchange rate rose by ₦0.05 to close at $/₦57.45, indicating a 0.09% increase from the $/₦57.40 recorded in the previous week

▪ In the OTC FX Futures market, $303.98 million worth of OTC FX Futures contracts were traded in thirty-two (32) deals, compared to the previous week’s total of $57.20 million traded in five (5) deals
Dealing Member-Client Spot FX Market Turnover Report

▪ For the week-ended April 6, 2018, trading activity in the Spot FX market between the DMBs and their clients stood at $1,656.02 million (average daily turnover of $414.01 million), representing 4.63% decrease from the $1,736.45 million (average daily turnover of $434.11 million), recorded the previous week-ended March 29, 2018

▪ A review of trading activity in the Spot FX market amongst banks for the week-ended April 6, 2018 revealed a 48.59% increase, as a total turnover of $302.95 million (average daily turnover of $75.74 million) was recorded, against the $203.88 million (average daily turnover of $50.97 million) reported the previous week-ended March 29, 2018.


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FMDQ Market Report
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