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FMDQ weekly report

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FMDQ

Commentary on the Foreign Exchange (FX) market with data for the week-ended January 25, 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 $210.00 million to the FX market via the Secondary Market Intervention Sales (SMIS) held on January 22, 2019.

The apex bank offered the sum of $100.00 million to the Wholesale window and sold $55.00 million each to both the Small and Medium-scale Enterprises (SMEs) and the Retail (Invisibles) segment

▪ In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades for the week-ended January 18, 2019, closed at $0.30 billion, representing a decrease of 68.42% ($0.65 billion) when compared to the $0.95 billion reported in the previous week ending January 11, 2019, bringing the year-to-date (YTD) value of trades at the window to $1.76 billion

▪ For the reporting week-ended January 25, 2019, the CBN official rate fell by ₦0.05 to close at $/₦306.80, indicating a 0.02% appreciation when compared to $/₦306.85 recorded the previous week-ended January 18, 2019

▪ In the Bureau-de-Change (BDC) market, the exchange rate rose by ₦2.00 to close at $/₦364.50 depicting a 0.55% depreciation when compared to $/₦362.50 recorded in the previous week- ended January 18, 2019

▪ For the week-ended January 25, 2019, the Naira appreciated at the I&E FX Window, gaining ₦0.33 to close at $/₦362.46 when compared to $/₦362.79 recorded the previous week, resulting in a spread of $/₦2.04 between the BDC market rate and I&E FX Window rate

▪ The spread between the BDC market rate and the CBN official exchange rate rose by ₦2.05 to close at $/₦57.70, indicating a 3.68% increase from the $/₦55.65 recorded in the previous week

▪ In the OTC FX Futures market, $128.39 million worth of OTC FX Futures contracts were traded in sixteen (16) deals, compared to the total for the previous week-ended January 18, 2019 of $200.48 million contracts traded in twelve (12) deals

▪ The 31st OTC FX Futures contract, NGUS JAN 30, 2019, with open contract of $515.09 million will mature and settle on FMDQ on Wednesday, January 30, 2019

Dealing Member-Client Spot FX Market Turnover Report

▪ For the week-ended January 18, 2019, trading activities in the Spot FX market between the DMBs and their clients stood at $1,734.25 million (average daily turnover of $364.86 million), representing an increase of 88.71% when compared to the $1,512.37 million (average daily turnover of $302.47 million), recorded the week-ended January 11, 2019

▪ A review of trading activities in the Spot FX market amongst banks for the week-ended January 18, 2019, revealed an increase of 3.53%, as a total turnover of $394.25 million (average daily turnover of $78.85 million) was recorded, against $380.79 million (average daily turnover of $76.16 million) reported the week-ended January 11, 2019.


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