FMDQ market report
▪ The Central Bank of Nigeria (CBN) intervened through its periodic supply of US Dollars in the FX market, offering $100.00mm at a marginal rate of $/₦332.00 via a Single Secondary Market Intervention Sales (SMIS) – Wholesale session held during the week-ended May 25, 2018.
The apex bank also maintained its intervention for Small and Medium-scale Enterprises (SMEs) and Retail Invisibles transactions, selling $55.00 million each for both interventions
▪ In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades for the week-ended May 18, 2018 stood at $0.97 billion. This represents a decrease of 20.49% ($0.25 billion) when compared to the $1.22 billion traded in the previous week, bringing the total value traded at the Window year-to-date to $23.15 billion
▪ For the reporting week-ended May 25, 2018, the CBN official rate rose by ₦0.05 to close at $/₦305.90, indicating a 0.02% depreciation when compared to $/₦305.85 recorded the previous week-ended May 18, 2018
▪ In the Bureau de Change (BDC) market, still at the end of the reporting week, the exchange rate rose by ₦2.00 to close at $/₦367.00, indicating a 0.55% depreciation when compared to $/₦365.00 recorded the previous week-ended May 18, 2018
▪ For the reporting week-ended May 18, 2018, the Naira depreciated at the I&E FX Window, losing ₦0.10 as the rate opened the week at $/₦361.47 and closed at $/₦361.57, resulting in a spread of $/₦5.43 between the BDC market rate and I&E FX Window rate
Dealing Member-Client Spot FX Market Turnover Report
▪ On the other hand, the spread between the BDC market rate and the CBN official exchange
rate rose by ₦1.95 to close at $/₦61.10, indicating a 3.30% increase from the $/₦59.15 recorded in the previous week
▪ In the OTC FX Futures market, the 23rd OTC FX Futures Contract, NGUS MAY 30 2018, with notional amount $360.79 million will mature and settle on Wednesday, May 30, 2018
▪ For the week-ended May 18, 2018, trading activity in the Spot FX market between the DMBs and their clients stood at $1,328.04 million (average daily turnover of $265.61 million), representing 12.41% decrease from the $1,516.28 million (average daily turnover of $303.26 million), recorded the week-ended May 11, 2018
▪ A review of trading activity in the Spot FX market amongst banks for the week-ended May 18, 2018 revealed a 132.47% increase, as a total turnover of $384.28 million (average daily turnover of $76.86 million) was recorded, against the $165.30 million (average daily turnover of $33.06 million) reported the week-ended May 11, 2018.
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