FMDQ market report
During the week-ending April 21, 2017, the CBN continued its supply of US Dollars in the FX market, selling a total of $248.51mm through several interventions conducted. The apex bank maintained its marginal rate for the Secondary Market Intervention Sales (SMIS) – Wholesale Forwards at $/₦320.00, Small & Medium Enterprises and Invisibles at $/₦357.00.
Within this week, the apex bank also increased its weekly allocation to Bureau-de-Change (BDCs) from $20,000.00 in $10,000.00 tranches to $40,000.00 in two tranches of $20,000.00 each; at a rate of $/₦360.00 and with a mandate for the BDCs to resell to end-users at no more than $/₦362.00
In the inter-bank market, the official exchange rate fell marginally by $/₦0.05 to close at $/₦306.00, indicating a 0.02% decrease when compared to $/₦306.10 reported at the end of the previous week-ending April 13, 2017
Dealing Member-Client Spot FX Market Turnover Report
For the week-ended April 13, 2017, trading activity in the Spot FX market between the banks and their clients stood at $427.32mm (average daily turnover of $106.83mm), representing a 2.22% increase from the $418.05mm (average daily turnover of $83.61mm), recorded in the previous week
Activity in the Spot FX market amongst banks for the same trading week revealed a 15.64% decrease, as a total turnover of $46.50mm (average daily turnover of $11.62mm) was recorded against the $55.12mm (average daily turnover of $11.02mm) reported the previous week
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