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▪ The Central Bank of Nigeria (CBN) continued its supply of US dollars, selling a total of $295.00mm through two (2) interventions conducted during the week-ending March 17, 2017. The apex Bank moved its marginal rate for the Secondary Market Intervention Sales (SMIS) – Wholesale Forwards intervention to $/₦320 from $/₦315 during the week
▪ The CBN offered $150.00mm and $100.00mm in SMIS – Wholesale Forwards on Tuesday, March 14, 2017 and Thursday, March 16, 2017 respectively. While the marginal rate for the Forwards sold on Wednesday, March 15 was $/₦320.00, the marginal rate for the sale on Friday, March 17, 2017, was, as at that day (last Friday), yet to be revealed by the CBN
▪ Still within this week, the exchange rate in the parallel market fell by $/₦13.00 to close at $/₦448.00, indicating a 2.82% decrease when compared to $/₦461.00 reported at the end of the previous week-ending March 10, 2017
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▪ In the inter-bank market, the official exchange rate rose by $/₦0.70 to close at $/₦306.50, indicating a 0.23% increase when compared to $/₦305.80 reported at the end of the previous week-ending March 10, 2017
▪ Therefore,thespreadbetweentheinter-bankandparallelmarketexchangeratesfellby$/₦13.70 to $/₦141.50, representing an 8.83% decrease from the spread of $/₦155.20 recorded the previous week-ending March 10, 2017
▪ In the OTC FX Futures market, contracts worth $97.77mm traded in about twenty (20) deals for the week-ended March 17, 2017, compared to the previous week’s total of $29.23mm traded in about seven deals
Dealing Member-Client Spot FX Market Turnover Report
▪ For the week-ended March 10, 2017, trading activity in the Spot FX market between the banks and their clients stood at $475.09mm (average daily turnover of $95.02mm), representing a 35.84% increase from the $349.73mm (average daily turnover of $69.95mm) recorded in the previous week
▪ Activity in the Spot FX market amongst banks for the same trading week revealed a 100.44% increase, as a total turnover of $101.36mm (average daily turnover of $20.27mm) was recorded against the $50.57mm (average daily turnover of $10.11mm) reported the previous week
