FMDQ weekly report
Commentary on the Foreign Exchange (FX) market with data for the week-ended January 10, 2020. The tables following the commentary show Spot FX weekly and monthly turnover for trades between banks (FMDQ Dealing Member (Banks) [DMBs]/Authorised Dealers) and their clients for January 3, 2020, as well as Full Year (FY) 2019.
▪ TheCentralBankofNigeria(CBN)intervenedthroughitsperiodicsupplyofUnitedStates(US) Dollars in the FX market, offering a total of $100.00 million via the Secondary Market Intervention Sales (SMIS) Wholesale Window on January 7, 2020. The apex bank sold $55.00 million each to both the Small and Medium-scale Enterprises (SMEs) and the Retail (Invisibles) segments.
▪ In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades for the week ended January 3, 2020 was $0.47 billion, representing a decrease of 75.39% ($1.44 billion) from the $1.91 billion reported for the week-ended December 27, 2019. Consequently, the total value of trades at the window year-to-date (YTD) to $0.47 billion
▪ For the reporting week-ended January 10, 2020, the CBN official rate fell by ₦0.05 to close at $/₦306.95, indicating a 0.02% appreciation when compared to $/₦307.00 recorded the previous week-ended January 3, 2020
▪ IntheBureau-de-Change(BDC)market,theexchangeratefellby₦1.00tocloseat$/₦362.00 representing a 0.28% appreciation when compared to $/₦363.00 recorded in the previous week-ended January 3, 2020
▪ Still for the week-ended January 10, 2020, the Naira appreciated at the I&E FX Window, gaining ₦2.38 to close at $/₦362.60 when compared to $/₦364.98 recorded the previous week, resulting in a spread of $/₦0.60 between the BDC market rate and I&E FX Window rate.