Commentary on the Foreign Exchange (FX) market with data for the week-ended May 3, 2019.both the Small and Medium-scale Enterprises (SMEs) and the Retail (Invisibles) segment
? In the Investors’ & Exporters’ (I&E) FX Window,the total value of trades for the week-ended April year-to-date (YTD) value of trades at the window to $25.76 billion week-ended April 26, 2019 ended April 26, 2019
spread of $/?0.35 between the BDC market rate and I&E FX Window rate
? 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 30, 2019.
The apex bank also sold $55.00 million each to 26, 2019, closed at $1.29 billion, representing a decrease of 19.88% ($0.32 billion) when compared to the $1.61 billion reported in the previous week ending April 18, 2019, bringing the
? For the reporting week-ended May 3, 2019, the CBN official rate rose by ?0.05 to close at $/?306.95, indicating a 0.02% depreciation when compared to $/?306.90 recorded the previous
? In the Bureau-de-Change (BDC) market, the exchange rate rose by ?1.00 to close at $/?361.00 representing, a 0.28% depreciation when compared to $/?360.00 recorded in the previous week-
? For the week-ended May 3, 2019, the Naira depreciated at the I&E FX Window, losing ?0.01 to close at $/?360.65 when compared to $/?360.64 recorded the previous week, resulting in a
? The spread between the BDC market rate and the CBN official exchange rate rose by ?0.95 to close at $/?54.05, indicating an increase of 1.79% from the $/?53.10 recorded in the previous week
? In the OTC FX Futures market, $163.31 million worth of OTC FX Futures contracts were traded in fourteen (14) deals, compared to the total for the previous week-ended April 26, 2019 of $599.33 million traded in twenty-six (26) deals
Dealing Member-Client Spot FX Market Turnover Report
? For the week-ended April 26, 2019, trading activities in the Spot FX market between the DMBs and their clients stood at $1,915.77 million (average daily turnover of $478.94 million), representing an increase of 15.90% when compared to the $1,652.88 million (average daily.
2019, revealed an increase of 153.77%, as a total turnover of $587.80 million (average daily turnover of $146.95 million) was recorded, against $231.63 million (average daily turnover).