FMDQ Weekly Report

COMMENTARY on the Foreign Exchange ( FX) market with data for the week- ending March 19, 2021. The table following the commentary show a month- on- month turnover comparison for January 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 16, 2021

2. In the Investors’ & Exporters’ ( I& E) FX Window, the total value of trades for the week- ended March 12, 2021, was $ 466.90 million, representing an increase of 77.99% ($ 204.58 million) from the $ 262.32 million reported for the weekended March 5, 2021, and bringing the total value of trades at the Window year- to- date, to $ 3,272.27 million

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

4. In the Bureau- de- Change ( BDC) market, the exchange rate rose by 5.00 to close at $/ 485.00 representing a 1.04% depreciation of the Naira when compared to $/ 480.00 recorded in the previous week- ended March 12, 2021

5. Still for the week- ended March 19, 2021, the Naira remained unchanged at the I& E FX Window, to close at $/ 410.00, resulting in a spread of $/ 75.00 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 5.00 to close at $/ 106.00, indicating an increase of 4.95% from the spread of $/ 101.00 recorded in the previous week

7. In the FX Futures market, $ 226.02 million worth of FX Futures contracts were traded in thirty ( 30) deals, compared to the total of $ 59.96 million traded in twelve ( 12) deals recorded the weekended

March 12, 2021

Dealing Member- Client Spot FX Market Turnover Report

1. For the week- ended March 12, 2021, trading activities in the Spot FX market between the DMBS and their clientsstood at $ 657.27 million ( average daily turnover of $ 131.45 million), representing an increase of 45.19% when compared to the $ 452.69 million ( average daily turnover of $ 90.54 million) recorded the previous week- ended March 5, 2021

2. A review of trading activities in the Spot FX market amongst banks for the week- ended March 12,

2021, revealed a decrease of 13.00%, as a total turnover of $ 272.10 million ( average daily turnover of $ 54.42 million) was recorded against $ 312.77 million ( average daily turnover of $ 62.55 million) reported the week- ended March 5, 2021