FMDQ Market Report
▪ The Central Bank of Nigeria (CBN) continued its supply of US dollars, selling a total of $295.00mm through two (2) interventions conducted during the week-ending March 17, 2017. The apex Bank moved its marginal rate for the Secondary Market Intervention Sales (SMIS) – Wholesale Forwards intervention to $/₦320 from $/₦315 during the week
▪ The CBN offered $150.00mm and $100.00mm in SMIS – Wholesale Forwards on Tuesday, March 14, 2017 and Thursday, March 16, 2017 respectively. While the marginal rate for the Forwards sold on Wednesday, March 15 was $/₦320.00, the marginal rate for the sale on Friday, March 17, 2017, was, as at that day (last Friday), yet to be revealed by the CBN
▪ Still within this week, the exchange rate in the parallel market fell by $/₦13.00 to close at $/₦448.00, indicating a 2.82% decrease when compared to $/₦461.00 reported at the end of the previous week-ending March 10, 2017
▪ In the inter-bank market, the official exchange rate rose by $/₦0.70 to close at $/₦306.50, indicating a 0.23% increase when compared to $/₦305.80 reported at the end of the previous week-ending March 10, 2017
▪ Therefore,thespreadbetweentheinter-bankandparallelmarketexchangeratesfellby$/₦13.70 to $/₦141.50, representing an 8.83% decrease from the spread of $/₦155.20 recorded the previous week-ending March 10, 2017
▪ In the OTC FX Futures market, contracts worth $97.77mm traded in about twenty (20) deals for the week-ended March 17, 2017, compared to the previous week’s total of $29.23mm traded in about seven deals
Dealing Member-Client Spot FX Market Turnover Report
▪ For the week-ended March 10, 2017, trading activity in the Spot FX market between the banks and their clients stood at $475.09mm (average daily turnover of $95.02mm), representing a 35.84% increase from the $349.73mm (average daily turnover of $69.95mm) recorded in the previous week
▪ Activity in the Spot FX market amongst banks for the same trading week revealed a 100.44% increase, as a total turnover of $101.36mm (average daily turnover of $20.27mm) was recorded against the $50.57mm (average daily turnover of $10.11mm) reported the previous week
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.