FMDQ Weekly Report
COMMENTARY on the Foreign Exchange ( FX) market with data for the week- ending March 12, 2021. The table following the commentary show a month- on- month turnover comparison for and February 2021 and 2020, respectively.
1. 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 March 9, 2021
2. In the Investors’ & Exporters’ ( I& E) FX Window, the total value of trades for the week- ended March 5, 2021, was $ 262.32 million, representing a decrease of 44.93% ($ 214.01 million) from the $ 476.33 million reported for the week- ended February 26, 2021, and bringing the total value of trades at the Window year- to- date, to $ 2,805.36 million
3. For the reporting week- ended March 5, 2021, the CBN official rate remained unchanged at $/ 379.00 for the twentyeighth consecutive week
4. In the Bureau- de- Change ( BDC) market, the exchange rate remained unchanged at $/ 480.00
5. Still for the week- ended March 12, 2021, the Naira appreciated at the I& E FX Window, gaining 1.00 to close at $/ 410.00 when compared to $/ 411.00 recorded the previous week, resulting in a spread of $/ 70.00 between the BDC market rate and the I& E FX Window rate
6. Also, the spread between the BDC market rate and the CBN official exchange rate remained unchanged at $/ 101.00
7. In the FX Futures market, $ 59.96 million worth of FX Futures contracts were traded in twelve ( 12) deals, compared to the total of $ 138.91 million traded in thirteen ( 13) deals recorded the weekended March 5, 2021
Dealing Member- Client Spot FX Market Turnover Report
1. For the week- ended March 5, 2021, trading activities in the Spot FX market between the DMBS and their clients stood at $ 452.69 million ( average daily turnover of $ 90.54 million), representing a decrease of 58.15% when compared to the $ 1,081.79 million ( average daily turnover of $ 216.36 million) recorded the previous week- ended February 26, 2021
2. A review of trading activities in the Spot FX market amongst banks for the week- ended March 5, 2021, revealed an increase of 69.64%, as a total turnover of $ 312.77 million ( average daily turnover of $ 62.55 million) was recorded against $ 184.37 million ( average daily turnover of $ 36.87 million) reported the week- ended February 26, 2021
THE Federal Capital Territory [ FCT] administration has given banks and other business organisations operating in Maitama seven days to relocate to the Central Business District ( CBD) or risk closure.
The Acting Director, Department of Development Control, Garba Kwamkur gave the warning when the Department stormed the popular Gana street in Maitama to sensitise business operators on the need to relocate all banks and other commercial hubs to return Maitama to its original residential purpose.
He disclosed that the Department had a week ago served all the buildings currently converted to commercial use, notification to revert to the residential purposes, which they were originally meant for, but failed to comply.
Kwamkur, who directed the banks as well as other business organisations to relocate to CBD or Idu Industrial Estate in line with FCT master plan, warned that their business premises will be sealed off at the expiration of the seven days ultimatum.
Meanwhile, the administration has raised the alarm that over 200 hectares of land in the City have been encroached upon by illegal land grabbers raising unapproved structures, especially around the Lugbe District.
The Acting Director, Development Control Department of the FCT, Garba Kwamkur, said over 150 criminals have encroached into areas meant for public facilities in the Sabon- Wuse area of the district.
Kwamkur, who spoke to journalists shortly after a demolition exercise, said the action was part of efforts to sanitise the area in line with the FCT administration's pronouncement to incorporate Lugbe into the Federal Capital City proper.
"As you are aware the FCT Administration has pronounced that Lugbe will be incorporated into the Federal Capital City proper, so the plan is being incorporated to have the same kind of infrastructure as those in the city.
"This area was planned for public facilities such as schools, markets, hospitals, and other public utilities, but land grabbers have encroached into the area and captured all the plots meant for public facilities and are developing them as housing estates thereby denying space for the necessary amenities that will be needed for the district in the future.