Commentary on the Foreign Exchange (FX) market with data for the week-ended November 23, 2018.

▪The Central Bank of Nigeria(CBN)intervened through its Periodic inject on of United States(US) Dollars in the FX market, supplying a total of $210.00mm to the FX market via the Secondary Market Intervention Sales (SMIS) held on November 21, 2018.

The apex bank offered the sum of $100.00 million to the Wholesale Segment and sold $55.00 million each to both the Small and Medium scale Enterprises (SMEs) and Retail (Invisibles) transactions.
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Furthermore, the CBN released the results for its auction of Chinese Renminbi and (US) Dollar under the Bilateral Currency Swap Agreement (BCSA) and SMIS – Retail held on November 16, 2018, Selling ¥62.18 million and $318.03 million at both sessions respectively

▪ In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades for the week ended November 16, 2018 was $0.69 billion, representing a 5.48% ($0.04 billion) decrease on the $0.73 billion reported for the previous week, bringing the year-to-date (YTD) value of trades at the window to $52.08 billion

▪ For the reporting week-ended November 23, 2018, the CBN official rate rose by ₦0.05 to close at $/₦306.75, indicating a 0.02% depreciation when compared to $/₦306.70 recorded the previous week-ended November 16, 2018

▪ In the Bureau de Change (BDC) market, the exchange rate remained unchanged between the comparative weeks, to close the reporting week at $/₦364.50

▪The spread between the BDC market rate and the CBN official exchange rate fell by ₦0.05 to close at $/₦57.75, indicating a 0.09% decrease from the $/₦57.80 recorded in the previous week

▪ In the FX Futures market, $24.60 million worth of OTC FX Futures contracts were traded in seven (7) deals, compared to the total for the previous week-ended November 16, 2018 of $103.38 million traded in eleven (11) deals

▪ Still in the OTC FX Futures market, the 29th Futures contract, NGUS NOV 28 2018, with contract amount $886.79 will mature and settle on FMDQ on Wednesday, November 28, 2018

Dealing Member-Client Spot FX Market Turnover Report

▪ For the week-ended November 16, 2018, trading activities in the Spot FX market between the DMBs and their clients stood at $895.43million (average daily turnover of $179.09 million), representing a decrease of 12.33% when compared to the $1,021.32 million (average daily turnover of $204.26 million), recorded the week-ended November 9, 2018

▪A review of trading activities in the Spot FX market amongst banks for the week-ended November 16, 2018, revealed an increase of 30.69%, as a total turnover of $323.60 million (average daily turnover of $64.72 million) was recorded, against $247.60 million (average daily turnover of $49.52 million) reported the week-ended November 9, 2018
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