FMDQ market report

The Investors’ & Exporters’ (I&E) FX Window, the total value of trades recorded for the week- ended March 2, 2018 stood at $1.56 billion.

This represents an increase of 69.57 per cent ($0.64 billion) when compared to the $0.92 billion traded in the previous week, bringing the total value traded at the Window year to date to $10.71 billion

On the other hand, the spread between the BDC market rate and the CBN official exchange rate fell by ₦0.45 to close at $/₦56.70, indicating a 0.79% decrease from the $/₦57.15 recorded in the previous week

In the OTC FX Futures market, for the week-ended March 9, 2018, $105.04 million worth of OTC FX Futures contracts were traded in six (6) deals, compared to the previous week’s total of $108.68 million traded in fifteen (15) deals.

Dealing Member-Client Spot FX Market Turnover Report

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 March 9, 2018.

The apex bank also maintained its intervention for Small and Medium-Scale Enterprises (SMEs) and Retail Invisible transactions at $55.00 million each for both interventions

For the reporting week-ended March 9, 2018, the CBN official rate fell by ₦0.05 to close at $/₦305.80, indicating a 0.02 per cent appreciation when compared to $/₦305.85 recorded the previous week-ended March 2, 2018

In the Bureau de Change (BDC) market, still at the end of reporting week, the exchange rate fell by ₦0.50 to close at $/₦362.50, indicating a 0.14 per cent appreciation when compared to $/₦363.00 recorded the previous week-ended March 2, 2018.

For the reporting week-ended March 9,2018,the Naira depreciated at the I&EFX Window, losing ₦0.22 as the rate opened the week at $/₦360.10, and closed at $/₦360.32, resulting in a spread of $/₦2.18 between the BDC market rate and I&E FX Window rate.

For the week-ended March 2,2018, trading activity in the SpotFX market between the banks and their clients stood at $1,447.43 million (average daily turnover of $289.49 million), representing a 22.12 per cent increase from the $1,185.24 million (average daily turnover of $237.05 million), recorded the previous week-ended February 23, 2018.