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▪ 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 September 21, 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 September 14, 2018 stood at $2.14 billion, representing an increase of 45.60% ($0.66billion) when compared to the $1.48 billion traded in the previous week, and bringing the total value traded at the window year-to-date to $42.81 billion
▪ For the reporting week-ended September21,2018,the CBN official rate rose by ₦0.05 to close at $/₦306.30, indicating a 0.02% depreciation when compared to $/₦306.25 recorded the previous week-ended September 14, 2018
▪ In the Bureau de Change (BDC) market, still at the end of the reporting week, the exchange rate remained unchanged to close at $/₦360.50
▪ Also for the week-ended September21,2018, the Naira depreciated at the I&EFXWindow,losing ₦0.50 to close at $/₦363.68 when compared to $/₦363.18 recorded the previous week, resulting in a spread of $/₦3.18 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 $/₦54.20, indicating a 0.09% decrease from the $/₦53.25 recorded in the previous week
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▪ In the FX Futures market, $225.82 million worth of OTC FX Futures contracts were traded in twenty-eight (28) deals, compared to the total for the previous week-ended September 14, 2018 of $185.71 million traded in twenty-four (24) deals
▪ In the FX Futures market, $185.71 million worth of OTC FX Futures contracts were traded in twenty-four (24) deals, compared to the total for the previous week-ended September 7, 2018 of $213.73 million traded in sixteen (16) deals
Dealing Member-Client Spot FX Market Turnover Report
▪ For the week-ended September 14, 2018, trading activity in the Spot FX market between the DMBs and their clients stood at $2,272.75 million (average daily turnover of $454.55 million), representing an increase of 25.22% when compared to the $1,814.99 million (average daily turnover of $363.00 million), recorded the week-ended September 7, 2018
▪ A review of trading activity in the Spot FX market amongst banks for the week-ended September 14, 2018 revealed a decrease of 3.42%, as a total turnover of $414.91 million (average daily turnover of $82.98 million) was recorded, against $429.59 million (average daily turnover of $85.92 million) reported the week-ended September 7, 2018
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