The CBN continued its supply of US Dollars in the FX markets, offering a total of $181.20mm through several interventions conducted during the week-ended May 12, 2017. The apex bank maintained its marginal rate for the Secondary Market Intervention Sales (SMIS) – Wholesale Forwards intervention at $/₦320.00, Small & Medium Enterprises (SMEs) and Invisibles at $/₦357.00

▪ The CBN also offered SMIS – Retail intervention for the clearance of backlog of matured FX obligations for the Raw Materials, Agriculture, Airlines and Petroleum products sectors
▪ In the Bureau de Change (BDC) market, the exchange rate fell by $/₦2.00 to close at $/₦389.00 for the week-ended May 12, 2017, representing a 0.51% decrease when compared to the $/₦391.00 rate recorded at the end of the previous week-ended May 5, 2017
▪ Similarly, the official exchange rate in the inter-bank market fell marginally by $/₦0.10 to close at $/₦305.60, indicating a 0.03% decrease when compared to $/₦305.70 reported at the end of the previous week-ended May 5, 2017
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Dealing Member-Client Spot FX Market Turnover Report
▪ For the week-ended May 5, 2017, trading activity in the Spot FX market between the banks and their clients stood at $562.62mm (average daily turnover of $140.66mm), representing a 49.39% decrease from the $1,111.78mm (average daily turnover of $222.36mm), recorded in the previous week
▪ Activity in the Spot FX market amongst banks for the same trading week revealed a 12.68% decrease, as a total turnover of $91.76mm (average daily turnover of $22.94mm) was recorded against the $105.08mm (average daily turnover of $21.02mm) reported the previous week
▪ Therefore, the spread between the BDC and inter-bank market exchange rates fell by $/₦1.90 to $/₦83.40, representing a 2.23% decrease from the spread of $/₦85.30 recorded for the previous week-ended May 5, 2017
▪ Still within the week, contracts worth $10.21mm traded in two deals in the Naira-settled OTC FX Futures market, as compared to the previous week’s total of $10.51mm traded in four deals