FMDQ Weekly Report

FMDQ

Commentary on the Foreign Exchange (FX) market with data for the week-ended April 5, 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 April 2, 2019.

The apex bank also sold $55.00 million each to both the Small and Medium-scale Enterprises (SMEs) and the Retail (Invisibles) segment.

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The apex bank released the results for its auction of Chinese Renminbi and (US) Dollar under the Bilateral Currency Swap Agreement (BCSA) and SMIS – Retail held on April 5, 2019, selling ¥34.80 million

March 29, 2019, closed at $1.15 billion, representing a decrease of 29.88% ($0.49 billion) when compared to the $1.64 billion reported in the previous week ending March 22, 2019, bringing the

▪ For the reporting week-ended April 5, 2019, the CBN official rate rose by ₦0.05 to close at $/₦307.00, indicating a 0.02% depreciation when compared to $/₦306.95 recorded the previous week-ended March 29, 2019 and $247.80 million at both sessions respectively

▪ In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades for the week-ended year-to-date (YTD) value of trades at the window to $20.45 billion. In the Bureau-de-Change (BDC) market, the exchange rate remained unchanged at $/₦360.00

▪ For the week-ended April 5, 2019, the Naira appreciated at the I&E FX Window, gaining ₦0.35 to spread of $/₦0.33 between the BDC market rate and I&E FX Window rate at $/₦53.00, indicating a decrease of 0.09% from the $/₦53.05 recorded in the previous week close at $/₦360.33 when compared to $/₦360.68 recorded the previous week, resulting in a

▪ The spread between the BDC market rate and the CBN official exchange rate fell by ₦0.05 to close

▪ In the OTC FX Futures market, $277.80 million worth of OTC FX Futures contracts were traded in twenty-one (21) deals, compared to the total for the previous week-ended March 29, 2019 of $440.31 million traded in thirty-seven (37) deals Dealing Member-Client Spot FX Market Turnover Report

▪ For the week-ended March 29, 2019, trading activities in the Spot FX market between the DMBs and their clients stood at $1,687.33 million (average daily turnover of $337.47 million), representing a decrease of 12.70% when compared to the $1,932.85 million (average daily turnover of $386.57 million), recorded the week-ended March 22, 2019.

A review of trading activities in the Spot FX market amongst banks for the week-ended March29, 2019, revealed an increase of 69.27%, as a total turnover of $475.60 million (average daily turnover of $95.12 million) was recorded, against $280.97 million (average daily turnover of $56.19 million) reported the week-ended March 22, 2019.

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