FMDQ Weekly Report

Commentary on the Foreign Exchange (FX) market with data for the week-ended April 5, 2019.

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 to the Secondary Market Intervention Sales (SMIS) Wholesale window on April 2, 2019.

The apex bank also sold $55.00 million each to both the Small and Medium-scale Enterprises (SMEs) and the Retail (Invisibles) segment.

The apex bank released the results for its auction of Chinese Renminbi and (US) Dollar under the Bilateral Currency Swap Agreement (BCSA) and SMIS – Retail held on April 5, 2019, selling ¥34.80 million

March 29, 2019, closed at $1.15 billion, representing a decrease of 29.88% ($0.49 billion) when compared to the $1.64 billion reported in the previous week ending March 22, 2019, bringing the

▪ For the reporting week-ended April 5, 2019, the CBN official rate rose by ₦0.05 to close at $/₦307.00, indicating a 0.02% depreciation when compared to $/₦306.95 recorded the previous week-ended March 29, 2019 and $247.80 million at both sessions respectively

▪ In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades for the week-ended year-to-date (YTD) value of trades at the window to $20.45 billion. In the Bureau-de-Change (BDC) market, the exchange rate remained unchanged at $/₦360.00

▪ For the week-ended April 5, 2019, the Naira appreciated at the I&E FX Window, gaining ₦0.35 to spread of $/₦0.33 between the BDC market rate and I&E FX Window rate at $/₦53.00, indicating a decrease of 0.09% from the $/₦53.05 recorded in the previous week close at $/₦360.33 when compared to $/₦360.68 recorded the previous week, resulting in a

▪ The spread between the BDC market rate and the CBN official exchange rate fell by ₦0.05 to close

▪ In the OTC FX Futures market, $277.80 million worth of OTC FX Futures contracts were traded in twenty-one (21) deals, compared to the total for the previous week-ended March 29, 2019 of $440.31 million traded in thirty-seven (37) deals Dealing Member-Client Spot FX Market Turnover Report

▪ For the week-ended March 29, 2019, trading activities in the Spot FX market between the DMBs and their clients stood at $1,687.33 million (average daily turnover of $337.47 million), representing a decrease of 12.70% when compared to the $1,932.85 million (average daily turnover of $386.57 million), recorded the week-ended March 22, 2019.

A review of trading activities in the Spot FX market amongst banks for the week-ended March29, 2019, revealed an increase of 69.27%, as a total turnover of $475.60 million (average daily turnover of $95.12 million) was recorded, against $280.97 million (average daily turnover of $56.19 million) reported the week-ended March 22, 2019.