Investors’ & Exporters’ (I&E) FX Window records $826.58m trades - BUSINESSDAY

SEPTEMBER 26, 2017

The Investors’ & Exporters’ (I&E) FX Window recorded an increase in value of trade to $826.58mm for the week-ended September 22 this year (2017). This represents a 16.97 percent increase from the $706.63mm recorded the previous week-ended September 15, 2017.

This increase in value of trade can be attributed to a corresponding rise in Inter-Member trades, bringing the total value traded at the Window since its inception to $10.82bn.

Moreover, the Central Bank of Nigeria (CBN) continued its supply of US Dollars in the foreign exchange (FX) market, offering $100.00 million at a marginal rate of N325.00 to the dollar, through a Single Secondary Market Intervention Sales (SMIS) – Wholesale session held during the week-ending September 22, 2017.

The apex bank maintained its intervention for the small and medium-scale enterprises and retail invisible transactions, maintaining the same amount of $80.00mm and $70.00mm respectively, as reported for the previous week-ended September 8, 2017.

The CBN also offered an SMIS, retail intervention for the clearance of matured FX obligations for the Raw Materials, Agriculture, Airlines and Petroleum products sectors.

For the reporting week-ended September 22, 2017, the CBN official rate fell by N0.10 to close at N305.85 to the dollar, indicating a 0.03% decrease when compared to the N305.95 per dollar recorded at the end of the previous week-ended September 15 2017.

In the Bureau de Change (BDC) market, the rates fell by ₦1.50 to close at N366.00, indicating a 0.41% decrease when compared to N367.50 per dollar, reported at the end of the previous week-ended September 15 2017.

The naira depreciated at the I&E FX Window, where rates opened the week at N359.06 per dollar, losing ₦1.33 to close the week at ₦360.39, revealing a spread of ₦5.61 per dollar between the I&E FX Window rate and the BDC market rate.

On the other hand, the spread between the BDC and the CBN official exchange rates fell by N1.40 to 60.15 per dollar, representing a 2.27 percent decrease from the spread of 61.55 per Dollar recorded for the previous week-ended September 15, 2017.

In the OTC FX Futures market, the 15th OTC FX Futures contract, NGUS SEP 20 2017, matured and settled on FMDQ’s platform on Wednesday, September 20, 2017. The matured September 2017 contract was replaced by the CBN with a new 12-month contract, NGUS SEP 26 2018 with notional amount on offer of $1.00bn at 361.41 to the dollar.

Furthermore, during the week, OTC FX Futures worth $315.06mm was traded in seventeen (17) deals, compared to the previous week’s total of $84.41 million traded in eight (8) deals.

For the week-ended September 15, 2017, trading activity in the Spot FX market between the banks and their clients stood at $1,782.30 million (average daily turnover of $356.46 million), representing a 68.26 percent increase from the $1,059.25 million (average daily turnover of $264.81 million) recorded the previous week.

Activity in the Spot FX market amongst banks for the same trading week revealed a 34.46 percent increase, as a total turnover of $156.09 million (average daily turnover of $31.22 million) was recorded against the $116.09 million (average daily turnover of $29.02 million) reported the previous week.


This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics