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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 June 14, 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
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In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades recorded for the week- ended June 8, 2018 stood at $1.52 billion.
This represents a decrease of 6.17% ($0.10 billion) when compared to the $1.62 billion traded in the previous week, bringing the total value traded at the Window year-to-date to $27.87 billion
For the reporting week-ended June 14, 2018, the CBN official rate fell by ₦0.10 to close at $/₦305.85, indicating a 0.03% appreciation when compared to $/₦305.95 recorded the previous week-ended June 8, 2018
▪In the Bureau de Change (BDC) market, still at the end of the reporting week, the exchange rate fell by ₦1.00 to close at $/₦362.00, indicating a 0.28% appreciation when compared to $/₦363.00 recorded the previous week-ended June 8, 2018
Also for the week endedJune14,2018,the Naira depreciated at the I&EFXWindow,losing₦0.16 to close at $/₦361.07 when compared to $/₦360.91 recorded the previous week, resulting in a spread of $/₦0.93 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 ₦0.90 to close at $/₦56.15, indicating a 1.58% decrease from the $/₦57.05 recorded in the previous week
In the OTC FX Futures market, $7.43 million worth of OTC FX Futures contracts were traded in six (6) deals, compared to the total for the previous week (ended June 8, 2018) of $575.37 million traded in sixteen (16) deals
Dealing Member-Client Spot FX Market Turnover Report
▪ For the week-ended June 8, 2018, trading activity in the Spot FX market between the DMBs and their clients stood at $1,651.31 million (average daily turnover of $412.83 million), representing 10.97% decrease from the $1,854.69 million (average daily turnover of $370.94 million), recorded the week-ended June 1, 2018
▪Are view of trading activity in the Spot FXmarket amongst banks for the week-endedJune8,2018 revealed a 19.19% decrease, as a total turnover of $408.22 million (average daily turnover of $102.06 million) was recorded, against the $505.14 million (average daily turnover of $101.03 million) reported the week-ended June 1, 2018.
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