FMDQ weekly report
▪ The Central Bank of Nigeria (CBN) intervened through its periodic supply of United States (US) Dollars in the FX market, offering $100.00 million at a marginal rate of $/₦344.00 via a Single Secondary Market Intervention Sales (SMIS) – Wholesale session held during the week-ended August 3, 2018.
The apex bank also released its first auction result of Chinese Yuan (¥) under the Bilateral Currency Swaps Agreement (BCSA) held on July 20, 2018 via the SMIS – Wholesale session.
The CBN maintained its intervention for Small and Medium-Scale Enterprises (SMEs) & Retail Invisible transactions supplying $55.00 million each for both interventions
▪ In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades recorded for the week- ended July 27, 2018 stood at $0.78 billion.
This represents a decrease of 6.02% ($0.05 billion) when compared to the $0.83 billion traded in the previous week, bringing the total value traded at the Window year-to-date to $33.67 billion
▪ For the reporting week-ended August 3, 2018, the CBN official rate rose by ₦0.05 to close at $/₦305.95, indicating a 0.02% depreciation when compared to $/₦305.90 recorded the previous week-ended July 27, 2018
▪ In the Bureau de Change (BDC) market, still at the end of reporting week, the exchange rate remained unchanged to close at $/₦360.00
▪ Also for the week-ended August 3, 2018, the Naira depreciated at the I&E FX Window, losing ₦0.39 to close at $/₦362.67 when compared to $/₦362.28 recorded the previous week, resulting in a spread of $/₦2.67 between the BDC market rate and I&E FX Window rate
▪ On the other hand, the spread between the BDC market rate and the CBN official exchange rate fell by ₦0.05 to close at $/₦54.05, indicating a 0.09% decrease from the $/₦54.10 recorded in the previous week
▪ In the OTC FX Futures market, $24.63 million worth of OTC FX Futures contracts were traded in six (6) deals, compared to the total for the previous week (ended July 27, 2018) of $89.48 million traded in eighteen (18) deals
Dealing Member-Client Spot FX Market Turnover Report
▪ For the week-ended July 27, 2018, trading activity in the Spot FX market between the DMBs and their clients stood at $1,017.42 million (average daily turnover of $203.48 million), representing a decrease of 10.34% when compared to the $1,134.80 million (average daily turnover of $226.96 million), recorded the week-ended July 20, 2018
▪ A review of trading activity in the Spot FX market amongst banks for the week-ended July27, 2018 revealed an increase of 2.25%, as a total turnover of $309.83 million (average daily turnover of $61.97 million) was recorded, against the $303.00 million (average daily turnover of $760.60 million) reported the week-ended July 20, 2018
No comments yet