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FMDQ Market Report

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FMDQ OTC Securities Exchange

Commentary on the foreign exchange (FX) market with data on the respective markets for the week-ending February 16, 2018.

▪ The Central Bank of Nigeria (CBN) continued its 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 Sale (SMIS) – Wholesale session held during the week-ended February 16, 2018.

The apex bank also maintained its intervention for Small and Medium-Scale Enterprises & Retail Invisibles transactions at $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 February 9, 2018 stood at $0.87 billion. This represents a decrease of 34.09% ($0.45 million) when compared to the $1.32 billion traded in the previous week. This brings the total value traded at the Window since its inception (April 21, 2017) to $33.65 billion

▪ For the reporting week-ended February 16, 2018, the CBN official rate rose by ₦0.10 to close at $/₦305.95, indicating a 0.03% depreciation when compared to $/₦305.85 at the end of the previous week-ended February 9, 2018

▪ In the Bureau de Change (BDC) market, the exchange rate remained unchanged at $/₦363.00

▪ The Naira depreciated slightly at the I&E FX Window for the reporting week-ended February 16, 2018, where rates opened the week at $/₦360.10, losing ₦0.26 to close the week at ₦360.36, resulting in a spread of $/₦2.64 between the I&E FX Window and BDC market rates

▪ On the other hand, the spread between the BDC and the CBN official exchange rate fell by $/₦0.10 to close at $/₦57.05, representing a 0.18% decrease from the spread of $/₦57.15 recorded for the previous week-ended February 9, 2018

▪ Still, within the reporting week, $47.71 million worth of OTC FX Futures contracts were traded in three (3) deals, compared to the previous week’s total of $34.45 million traded in twelve (12) deals
Dealing Member-Client Spot FX Market Turnover Report

▪ For the week-ended February 9, 2018, trading activity in the Spot FX market between the banks and their clients stood at $1,067.92 million (average daily turnover of $213.58 million), representing a 34.37% decrease from the $1,627.17 million (average daily turnover of $ 325.43 million), recorded the week-ended February 2, 2018.

▪ A review of trading activity in the Spot FX market amongst banks for the reporting period revealed a 10.62% decrease, as a total turnover of $209.47 million (average daily turnover of $41.89 million) was recorded, against the $234.35 million (average daily turnover of $46.87 million) reported the previous week-ended February 2, 2018.


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