FMDQ Weekly Report

cOMMENTARYON the foreign exchange ( FX) market with data for the week- ending March 26, 2021. 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 23, 2021.

2. In the Investors’ & Exporters’ ( I& E) FX Window, the total value of trades for the week- ended March 19, 2021, was $ 372.28 million, representing a decrease of 20.27% ($ 94.62 million) from the $ 466.90 million reported for the week- ended March 12, 2021, and bringing the total value of trades at the Window year- to- date, to $ 3,644.55 million.

3. For the reporting week- ended March 26, 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 remained unchanged at $/ 485.00.

5. Still for the week- ended March 26, 2021, the Naira remained unchanged at the I& E FX Window, to close at $/ 410.00, resulting in the spread between the BDC market rate and the I& E FX Window rate remaining unchanged at $/ 75.00.

6. Also, the spread between the BDC market rate and the CBN official exchange rate remained unchanged at $/ 106.00

7. In the FX Futures market, $ 106.95 million worth of FX Futures contracts were traded in ten ( 10) deals, compared to the total of $ 226.02 million traded in thirty ( 30) deals recorded the weekended March 19, 2021.

8. Still in the FX Futures market, the contract, NGUS MAR 31 2021 is set to mature on Wednesday, March 31, 2021. Open FX Futures contracts can be found here.

Dealing Member- Client Spot FX Market Turnover Report

1. For the week- ended March 19, 2021, trading activities in the Spot FX market between the DMBS and their clientsstood at $ 533.27 million ( average daily turnover of $ 106.65 million), representing a decrease of 18.87% when compared to the $ 657.27 million ( average daily turnover of $ 131.45 million) recorded the previous week- ended March 12, 2021.

2. A review of trading activities in the Spot FX market amongst banks for the week- ended March 19, 2021, revealed an increase of 16.55%, as a total turnover of $ 317.14 million ( average daily turnover of $ 63.43 million) was recorded against $ 272.10 million ( average daily turnover of $ 54.42 million) reported the week- ended March 12, 2021.