FMDQ Market Report
▪ 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 $/₦344.00 via a Single Secondary Market Intervention Sales (SMIS) – Wholesale session held during the week-ended July 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 June 29, 2018 stood at $0.79 billion.
This represents a decrease of 38.76% ($0.50 billion) when compared to the $1.29 billion traded in the previous week, bringing the total value traded at the Window year-to-date to $30.28 billion
▪ For the reporting week-ended July 6, 2018, the CBN official rate fell by ₦0.05 to close at $/₦305.70, indicating a 0.02% appreciation when compared to $/₦305.75 recorded the previous week-ended June 29, 2018
▪ In the Bureau de Change (BDC) market, still at the end of reporting week, the exchange rate remained unchanged to close at $/₦361.00
▪ Also for the week-ended July 6, 2018, the Naira depreciated at the I&E FX Window, losing ₦1.26 to close at $/₦362.58 when compared to $/₦361.32 recorded the previous week, resulting in a spread of $/₦1.58 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 $/₦55.30, indicating a 0.09% increase from the $/₦55.25 recorded in the previous week
▪ In the OTC FX Futures market, $80.14 million worth of OTC FX Futures contracts were traded in seven (7) deals, compared to the total for the previous week (ended June 29, 2018) of $438.46 million traded in fourteen (14) deals
Dealing Member-Client Spot FX Market Turnover Report
▪ For the week-ended June 29, 2018, trading activity in the Spot FX market between the DMBs and their clients stood at $1,134.34 million (average daily turnover of $226.87 million), representing 30.84% decrease from the at $1,640.06 million (average daily turnover of $410.02 million), recorded the week-ended June 22, 2018
▪ A review of trading activity in the Spot FX market amongst banks for the week-ended June 29, 2018 revealed an 18.19% decrease, as a total turnover of $399.53 million (average daily turnover of $79.91 million) was recorded, against the $488.39 million (average daily turnover of $122.10 million) reported the week-ended June 22, 2018.
No comments yet