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Commentary on the Foreign Exchange (FX) market with data for the week-ended February 22, 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 February 19, 2019.

The apex bank also sold $55.00 million February 15, 2019, closed at $1.17 billion, representing a decrease of 32.76% ($0.57 billion) when compared to the $1.74 billion reported in the previous week ending February 8, 2019, bringing

▪ For the reporting week-ended February 22, 2019, the CBN official rate rose by ₦0.05 to close at $/₦306.80, indicating a 0.02% depreciation when compared to $/₦306.75 recorded the previous

▪ In the Bureau-de-Change (BDC) market, the exchange rate fell by ₦1.00 to close at $/₦361.00 depicting a 0.28% appreciation when compared to $/₦362.00 recorded in the previous week-

▪ For the week-ended February 22, 2019, the Naira appreciated at the I&E FX Window, gaining ₦0.36 to close at $/₦361.49 when compared to $/₦361.85 recorded the previous week, resulting in a spread of $/₦0.49 between the BDC market rate and I&E FX Window rate 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 the year-to-date (YTD) value of trades at the window to $6.75 billion week-ended February 15, 2019 ended February 15, 2019

▪ The spread between the BDC market rate and the CBN official exchange rate fell by ₦1.05 to close at $/₦54.20, indicating a decrease of 1.90% from the $/₦55.25 recorded in the previous week

▪ In the OTC FX Futures market, $549.04 million worth of OTC FX Futures contracts were traded in forty (40) deals, compared to the total for the previous week-ended February 15, 2019 of $189.81 traded in twenty-one (21) deals

▪ The 32nd OTC FX Futures contract, NGUS FEB 27, 2019, with open contract of $563.55 million will mature and settle on FMDQ on Wednesday, February 27, 2019

Dealing Member-Client Spot FX Market Turnover Report

▪ For the week-ended February 15, 2019, trading activities in the Spot FX market between the DMBs and their clients stood at $2,767.44 million (average daily turnover of $553.49 million), representing an increase of 53.33% when compared to the $1,804.92 million (average daily turnover of $360.98 million), recorded the week-ended February 8, 2019

▪ A review of trading activities in the Spot FX market amongst banks for the week-ended February 15, 2019, revealed a decrease of 42.35%, as a total turnover of $274.95 million (average daily turnover of $54.99 million) was recorded, against $476.91million (average daily turnover of $95.38 million) reported the week-ended February 8, 2019.


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