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FMDQ weekly report

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Commentary on the Foreign Exchange (FX) market with data for the week ended August 30, 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 August 27, 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 August 23, 2019, selling ¥21.20 million and $297.92 million at both sessions respectively.

August 23, 2019, closed at $2.21 billion, representing an increase of 35.02% ($0.57 billion) when compared to the $1.64 billion reported in the previous week ended August 16, 2019, bringing the year-to-date (YTD) value of trades at the window to $45.14 billion

▪ For the reporting week ended August 30, 2019, the CBN official rate remained unchanged at $/₦306.95

▪ In the Bureau-de-Change (BDC) market, the exchange rate remained unchanged for the sixth consecutive week at $/₦360.00

▪ Still, for the week ended August 30, 2019, the Naira appreciated at the I&E FX Window, gaining ₦0.21 to close at $/₦362.93 when compared to $/₦363.14 recorded the previous week, resulting in a spread of $/₦2.93 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 remained unchanged at $/₦53.05

▪ In the OTC FX Futures market, $135.96 million worth of OTC FX Futures contracts were traded in eighteen (18) deals, compared to the total of $978.45 million traded in sixty (60) deals for the previous week-ended August 23, 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 23, 2019, trading activities in the Spot FX market between the DMBs and their clients stood at $2,865.84 million (average daily turnover of $573.17 million), representing an increase of 56.18% when compared to the $1,834.92 million (average daily turnover of $611.64 million), recorded the previous week-ended August 16, 2019

▪ A review of trading activities in the Spot FX market amongst banks for the week ended August 23, 2019, revealed an increase of 87.36%, as a total turnover of $473.04 million (average daily turnover of $94.61 million) was recorded, against $252.47 million (average daily turnover of $84.16 million) reported the week-ended August 16, 2019.


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