FMDQ weekly report
Commentary on the Foreign Exchange (FX) market with data for the week-ended June 7, 2019.
▪ 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 June 4, 2019.
The apex bank sold $55.00 million each to both the Small and Medium-scale Enterprises (SMEs) and the Retail (Invisibles) segment; and also released the results for its auction of Chinese Renminbi and US Dollar under the Bilateral Currency Swap Agreement (BCSA) and SMIS – Retail held on May 31, 2019, selling ¥31.43 million and $294.70 million at both sessions respectively
▪ In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades for the week-ended May 31, 2019, closed at $0.53 billion, representing a decrease of 46.46% ($0.46 billion) when compared to the $0.99 billion reported in the previous week-ended May 24, 2019, bringing the year-to-date (YTD) value of trades at the window to $30.62 billion
▪ For the reporting week-ended June 7, 2019, the CBN official rate remained unchanged at
$/₦306.95
▪ In the Bureau-de-Change (BDC) market, the exchange rate rose by ₦1.00 to close at $/₦361.00 representing, a 0.28% depreciation when compared to $/₦360.00 recorded in the previous week-ended May 31, 2019
▪ Still for the week-ended June 7, 2019, the Naira depreciated at the I&E FX Window, losing ₦0.01 to close at $/₦360.75 when compared to $/₦360.74 recorded the previous week, resulting in a spread of $/₦1.75 between the BDC market rate and I&E FX Window rate
▪ Also, the spread between the BDC market rate and the CBN official exchange rate rose by ₦1.00 to close at $/₦54.05, indicating an increase of 1.89% from the $/₦53.05 recorded in the previous week
▪ In the OTC FX Futures market, $378.19 million worth of OTC FX Futures contracts were traded in 15 deals, compared to the total of $629.18 million traded in eighteen (18) deals for the previous week-ended May 31, 2019
Dealing Member-Client Spot FX Market Turnover Report
▪ For the week-ended May 31, 2019, trading activities in the Spot FX market between the DMBs and their clients stood at $1,132.68 million (average daily turnover of $283.17 million), representing a decrease of 19.10% when compared to the $1,400.17 million (average daily turnover of $280.03 million), recorded the previous week-ended May 24, 2019
▪ A review of trading activities in the Spot FX market amongst banks for the week-ended May 31, 2019, revealed a decrease of 21.07%, as a total turnover of $285.02 million (average daily turnover of $71.26 million) was recorded, against $361.10 million (average daily turnover of $72.22 million) reported the week-ended May 24, 2019.
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.