FMDQ Weekly Report

COMMENTARYON the Foreign Exchange ( FX) market with data for the week- ending February 19, 2021. The table following the commentary shows a month- on- month turnover comparison for January 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 m Sales ( SMIS) Wholesale Window on February 16, 2021

2. In the Investors’ & Exporters’ ( I& E) FX Window, the total value of trades for the week- ended February 12, 2021, was $ 328.78 million, representing a decrease of 0.28% ($ 0.91 million) from the $ 329.69 million reported for the week- ended February 5, 2021, and bringing the total value of trades at the Window year- to- date, to $ 1,830.29 million

3. For the reporting week- ended February 19, 2021, the CBN official rate remained unchanged at $/ 379.00 for the twenty- fifth consecutive week

4. In the Bureau- de- Change ( BDC) market, the exchange rate rose by 1.00 to close at $/ 476.00 representing a 0.21% depreciation of the Naira when compared to $/ 475.00 recorded in them previous week- ended February 12, 2021

5. Still for the week- ended February 19, 2021, the Naira depreciated at the I& E FX Window, losing 5.33 to close at $/ 410.00 when compared to $/ 404.67 recorded the previous week, resulting in a spread of $/ 66.00 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 rose by 1.00 to close at $/ 97.00, indicating an increase of 1.04% from the spread of $/ 96.00 recorded in the previous week

7. In the FX Futures market, $ 199.18 million worth of FX Futures contracts were traded in eighteen ( 18) deals, compared to the total of $ 12.00 million traded in two ( 2) deals recorded the weekended February 12, 2021

8. Still in the FX Futures market, the contract, NGUS FEB 24 2021 is set to mature on Wednesday, February 24, 2021. Open FX Futures contracts can be found here

Dealing Member- Client Spot FX Market Turnover Report

1. For the week- ended February 12, 2021, trading activities in the Spot FX market between the DMBS and their clients stood at $ 543.76 million ( average daily turnover of $ 108.75 million), representing an increase of 9.12% when compared to the $ 498.31 million ( average daily turnover of $ 99.66 million) recorded the previous week- ended February 5, 2021

2. A review of trading activities in the Spot FX market amongst banks for the week- ended February 12, 2021, revealed an increase of 28.56%, as a total turnover of $ 358.65 million ( average daily turnover of $ 71.73 million) was recorded against $ 278.97 million ( average daily turnover of $ 55.79 million) reported the weekended February 5, 2021