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FMDQ weekly report

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FMDQ OTC Securities Exchange

Commentary on the foreign exchange (FX) market with data for the week-ended August 31, 2018.

▪The Central Bank of Nigeria (CBN) intervened through its periodic supply of United States (US) Dollars in the FX market, offering $100.00 million via a Single Secondary Market Intervention Sales (SMIS) – Wholesale auction held during the week-ended August 31, 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 August 24, 2018 stood at $0.84 billion, representing a decrease of 40.85% ($0.58 billion) when compared to the $1.42 billion traded in the previous week, and bringing the total value traded at the Window year-to-date to $37.91 billion

▪For the reporting week-ended August 31, 2018, the CBN official rate rose by ₦0.05 to close at $/₦306.15, indicating a 0.02% depreciation when compared to $/₦306.10 recorded the previous week-ended August 24, 2018

▪In the Bureau de Change (BDC) market, still at the end of the reporting week, the exchange rate remained unchanged to close at $/₦360.00

▪Also for the week-ended August 24, 2018, the Naira depreciated at the I&E FX Window, losing ₦0.29 to close at $/₦362.64 when compared to $/₦362.35 recorded the previous week, resulting in a spread of $/₦2.64 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 fell by ₦0.05 to close at $/₦53.85, indicating a 0.09% decrease from the $/₦53.90 recorded in the previous week

▪In the FX Futures market, $190.82 million worth of OTC FX Futures contracts were traded in eighteen (18) deals, compared to the total for the previous week-ended August 24, 2018 of $101.86 million traded in twenty (20) deals

▪Still in the FX Futures market,the 26th OTCFX Futures contract,NGUS AUG292018, with contract amount $349.44 million matured and settled on FMDQ on Wednesday, August 29, 2018.

The CBN introduced a new contract, NGUS AUG 21 2019 for $1.00 billion at $/₦364.40, to replace the matured contract and refreshed its quotes on the existing 1- to 11-month contracts

Dealing Member-Client Spot FX Market Turnover Report

▪For the week-ended August 24, 2018, trading activity in the Spot FX market between the DMBs and their clients stood at $1,010.69 million (average daily turnover of $336.89 million), representing an increase of 36.32% when compared to the $1,587.19 million (average daily turnover of $317.44 million), recorded the week-ended August 17, 2018

▪A review of trading activity in the Spot FX market amongst banks for the week-ended August 24, 2018 revealed a decrease of 33.03%, as a total turnover of $222.80 million (average daily turnover of $74.26 million) was recorded, against the $332.68 million (average daily turnover of $66.54 million) reported the week-ended August 17, 2018.


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