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▪ 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 6, 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 March 29, 2018 stood at $1.29 billion.
This represents an increase of 34.38% ($0.33 billion) when compared to the $0.96 billion traded in the previous week, bringing the total value traded at the Window year-to-date to $15.21 billion
▪ For the reporting week-ended April 6, 2018, the CBN official rate fell by ₦0.05 to close at $/₦305.60, indicating a 0.02% appreciation when compared to $/₦305.65 recorded the previous week-ended March 29, 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 6, 2018, the Naira depreciated at the I&E FX Window, losing ₦0.24 as the rate opened the week at $/₦360.21, and closed at $/₦360.45, resulting in a spread of $/₦2.55 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 $/₦57.40, indicating a 0.09% increase from the $/₦57.35 recorded in the previous week
▪ In the OTC FX Futures market, $57.20 million worth of OTC FX Futures contracts were traded in five (5) deals, compared to the previous week’s total of $58.24 million traded in twenty (20) deals
Dealing Member-Client Spot FX Market Turnover Report
▪ For the week-ended March 29, 2018, trading activity in the Spot FX market between the DMBs and their clients stood at $1,736.45 million (average daily turnover of $434.11 million), representing 28.81% increase from the $1,348.12 million (average daily turnover of $269.62 million), recorded the previous week-ended March 23, 2018
▪ A review of trading activity in the Spot FX market amongst banks for the week-ended March 29, 2018 revealed a 2.86% decrease, as a total turnover of $203.88 million (average daily turnover of $50.97 million) was recorded, against the $209.88 million (average daily turnover of $41.98 million) reported the previous week-ended March 23, 2018.
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