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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 a total of $100.00 million to the Secondary Market Intervention Sales (SMIS) Wholesale window on May 14, 2019.
The apex bank also sold $55.00 million each to both the Small and Medium-scale Enterprises (SMEs) and the Retail (Invisibles) segment.
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▪ In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades for the week-ended May 10, 2019, closed at $1.10 billion, representing an increase of 48.65% ($0.36 billion) when compared to the $0.74 billion reported in the previous week ending May 3, 2019, bringing the year-to-date (YTD) value of trades at the window to $27.60 billion.
▪ For the reporting week-ended May 17, 2019, the CBN official rate fell by ₦0.05 to close at $/₦306.95, indicating a 0.02% appreciation when compared to $/₦307.00 recorded the previous week-ended May 10, 2019.
▪ In the Bureau-de-Change (BDC) market, the exchange rate remained unchanged at $/₦361.00.
▪ For the week-ended May 17, 2019, the Naira appreciated at the I&E FX Window, gaining ₦0.38 to close at $/₦360.50 when compared to $/₦360.88 recorded the previous week, resulting in a spread of $/₦0.50 between the BDC market rate and I&E FX Window rate
▪ The spread between the BDC market rate and the CBN official exchange rate rose by ₦0.05 to close at $/₦54.05, indicating a decrease of 0.09% from the $/₦54.00 recorded in the previous week.
▪ In the OTC FX Futures market, $59.73 million worth of OTC FX Futures contracts were traded in 12 deals, compared to the total for the previous week-ended May 10, 2019 of $321.74 million traded in seventeen (17) deals.
Dealing Member-Client Spot FX Market Turnover Report
▪ For the week-ended May 10, 2019, trading activities in the Spot FX market between the DMBs and their clients stood at $1,723.69 million (average daily turnover of $344.74 million), representing an increase of 19.32% when compared to the $1,444.60 million (average daily turnover of $361.15 million), recorded the week-ended May 3, 2019.
▪ A review of trading activities in the Spot FX market amongst banks for the week-ended May10, 2019, revealed an increase of 88.96%, as a total turnover of $431.35 million (average daily turnover of $86.27 million) was recorded, against $228.28 million (average daily turnover of $57.07 million) reported the week-ended May 3, 2019.
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