FMDQ weekly report
▪ 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 August 6, 2019.
The apex bank sold $55.00 million each to both the Small and Medium-scale Enterprises (SMEs) and the Retail (Invisibles) segment August 2, 2019, closed at $0.78 billion, representing a decrease of 28.44% ($0.31 billion) when compared to the $1.09 billion reported in the previous week ended July 26, 2019, bringing the year-to-date (YTD) value of trades at the window to $39.49 billion
▪ For the reporting week ended August 9, 2019, the CBN official rate rose by ₦0.05 to close at $/₦306.90, indicating a 0.02% depreciation when compared to $/₦306.85 recorded the previous week-ended August 2, 2019
▪ In the Bureau-de-Change (BDC) market, the exchange rate remained unchanged at $/₦360.00
▪Still for the week ended August 9, 2019, the Naira depreciated at the I&E FX Window, losing ₦0.87 to close at $/₦363.44 when compared to $/₦362.57 recorded the previous week, resulting in a spread of $/₦3.44 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 fell by ₦0.05 to close at $/₦53.10, indicating a decrease of 0.09% from the $/₦53.15 recorded in the previous week
▪In the OTC FX Futures market, $402.42 million worth of OTC FX Futures contracts were traded in twenty-six (26) deals, compared to the total of $171.84 million traded in eleven (11) deals for the previous week-ended August 2, 2019
▪In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades for the week-ended
Dealing Member-Client Spot FX Market Turnover Report
▪For the week ended August 2, 2019, trading activities in the Spot FX market between the DMBs and their clients stood at $950.84 million (average daily turnover of $190.17 million), representing a decrease of 23.10% when compared to the $1,236.47 million (average daily
turnover of $247.29 million), recorded the previous week-ended July 26, 2019
▪A review of trading activities in the Spot FX market amongst banks for the week ended August 2, 2019, revealed an increase of 4.18%, as a total turnover of $238.23 million (average daily turnover of $47.65 million) was recorded, against $228.67 million (average daily turnover of $60.14 million) reported the week-ended July 26, 2019.
No comments yet