FMDQ Market Report

COMMENTARY on the foreign exchange (FX) market with data for the week-ended April 13, 2018. The Central Bank of Nigeria (CBN) intervened through its periodic supply of US Dollars in the FX market, offering $100.00 million at a marginal rate of $/ 332.00 via a Single Secondary Market Intervention Sales (SMIS) - Wholesale session held during the week-ended April 13, 2018. The apex bank also 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 April 6, 2018 stood at $1.34 billion. This represents an increase of 3.88% ($0.05 billion) when compared to the $1.29 billion traded in the previous week, bringing the total value traded at the Window year-to-date to $16.55 billion

For the reporting week-ended April 13, 2018, the CBN official rate fell by 0.05 to close at $/ 305.55, indicating a 0.02% appreciation when compared to $/ 305.60 recorded the previous week-ended April 6, 2018

In the Bureau de Change (BDC) market, still at the end of reporting week, the exchange rate, remained unchanged to close at $/ 363.00

For the reporting week-ended April 13, 2018, the Naira appreciated at the I&E FX Window, gaining 0.01 as the rate opened the week at $/ 360.33, and closed at $/ 360.32, resulting in a spread of $/ 2.68 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 rose by 0.05 to close at $/ 57.45, indicating a 0.09% increase from the $/ 57.40 recorded in the previous week

In the OTC FX Futures market, $303.98 million worth of OTC FX Futures contracts were traded in thirty-two (32) deals, compared to the previous week’s total of $57.20 million traded in five (5) deals

Dealing Member-client Spot FX Market Turnover Report

For the week-ended April 6, 2018, trading activity in the Spot FX market between the DMBS and their clients stood at $1,656.02 million (average daily turnover of $414.01 million), representing 4.63% decrease from the $1,736.45 million (average daily turnover of $434.11 million), recorded the previous week-ended March 29, 2018

A review of trading activity in the Spot FX market amongst banks for the week-ended April 6, 2018 revealed a 48.59% increase, as a total turnover of $302.95 million (average daily turnover of $75.74 million) was recorded, against the $203.88 million (average daily turnover of $50.97 million) reported the previous weekended March 29, 2018