FMDQ Weekly Report
COMMENTARY on the Foreign Exchange ( FX) market with data for the week- ending
October 16, 2020. The table following the commentary show a month- on- month turnover comparison for January through to September 2020 and 2019, respectively.
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 via the Secondary Market Intervention Sales ( SMIS) Wholesale Window on October 13, 2020
In the Investors’ & Exporters’ ( I& E) FX Window, the total value of trades for the week- ended October 9, 2020, was $ 0.53 billion, representing an increase of 8.16% ($ 0.04 billion) from the $ 0.49 billion reported for the week- ended October 2, 2020, bringing the total value of trades at the window to $ 31.00 billion
For the reporting week- ended October 16, 2020, the CBN official rate remained unchanged at $/ 379.00 for the seventh consecutive week
In the Bureau- de- Change ( BDC) market, the exchange rate rose by 2.00 to close at $/ 459.00 representing a 0.44% depreciation when compared to $/ 457.00 recorded in the previous weekended October 9, 2020
Still for the week- ended October 16, 2020, the Naira remained unchanged at the I& E FX Window at $/ 385.83, resulting in a spread of $/ 73.17 between the BDC market rate and I& E FX Window rate
Also, the spread between the BDC market rate and the CBN official exchange rate rose by 2.00 to close at $/ 80.00, indicating an increase of 2.56% from the spread of $/ 78.00 recorded in the previous week
In the FX Futures market, $ 24.50 million worth of FX Futures contracts were traded in six ( 6) deals, compared to the total of $ 66.40 million traded in ten ( 10) deals and recorded the week- ended October 9, 2020
Dealing Member- Client Spot FX Market Turnover Report
For the week- ended October 9, 2020, trading activities in the Spot FX market between the DMBS and their clients stood at $ 664.42 million ( average daily turnover of $ 132.88 million), representing an increase of 31.98% when compared to the $ 503.42 million ( average daily turnover of $ 125.86 million), recorded the previous week- ended October 2, 2020
A review of trading activities in the Spot FX market amongst banks for the week- ended October 9, 2020, revealed an increase of 37.81%, as a total turnover of $ 302.18 million ( average daily turnover of $ 60.44 million) was recorded against $ 219.28 million ( average daily turnover of $ 54.82 million) reported the week- ended October 2, 2020.