Monday, September 20, 2021 07:00 AM / by FMDQ/
Header Image Credit: Alamy Stock Photo
Below
is the commentary on the Foreign Exchange (FX) market with data for the
week-ended September 17, 2021. The table following the commentary
compares Spot FX weekly turnover for trades between banks (FMDQ Dealing Member
(Banks) [DMBs]/Authorised Dealers) and their clients for the weeks ended
September 10 & 17, 2021.
- In the FX Spot and Derivatives
markets, the total turnover for the week-ended September 10, 2021, was
$1,363.33 million, representing an increase of 55.47% ($486.42 million)
from $876.91 million reported for the week-ended September 10, 2021. The
week-on-week (WoW) increase in total turnover was driven by the 52.28%
($272.28 million) and 60.13% ($214.14 million) increases in FX Spot and FX
Derivatives turnover, respectively. (See Table 1 below)
- The WoW increase in FX
Derivatives turnover was driven by the 51.26% ($96.35 million) and 70.04%
($117.80 million) increases in FX Forwards and FX Futures respectively
- In the FX Spot market, the
total value
of transactions for
the week-ended September 17, 2021, was $793.04 million, representing an
increase of 52.28% ($272.28 million) from
the value of transactions executed in the week-ended September 10, 2021
($520.77 million)
Table
1: Weekly FX Turnover Analysis
For the
week-ended September 17, 2021, the average Nigerian Autonomous Foreign Exchange
Fixing (NAFEX) rate was $/N411.95, compared to $/N411.25
recorded in the previous week-ended September 10, 2021, representing a
depreciation of the Naira against the United States (US) Dollar by 0.17% ($/N0.70)
Table 2: Weekly FX Rate Analysis
- In
the FX Futures market, $268.00 million worth of FX Futures contracts were
traded in eleven (11) deals, representing a WoW increase of 70.04%
($117.80 million) when compared to $168.20 million FX Futures contracts
traded in eight (8) deals recorded in the week-ended September 10, 2021
Previous Weekly FX Market Analysis
1.
Naira Depreciated by 1.10% WoW in the Parallel Market
at an Average Exchange Rate of N532.00
2.
IEFX Total Transaction Value Decreased by 4.86% to
$629.34m
3.
Naira Depreciated at the Parallel Market by -0.54%
WoW to N518.60 from N515.80
4.
Naira Depreciated at the Parallel Market by -1.02%
WoW to N515.80 from N510.60
5.
NAFEX Rate Depreciated by -0.003% WoW to N411.17 from
N411.16
6.
Naira Appreciated by 0.23% WoW in the Parallel Market
at an Average Exchange Rate of N510.80
7.
Naira Depreciated by -2.40% WoW in the Parallel
Market at an Average Exchange Rate of N512
8.
IEFX Market Total Transactions Value Decreased by
$325.65m WoW, Representing 49.86% Decline – FMDQ
9.
FMDQ Foreign Exchange (FX) Market Analysis Report for
Week-Ended July 16, 2021
10.
FMDQ Foreign Exchange (FX) Market Analysis Report for
Week-Ended July 9, 2021
11.
FMDQ
Foreign Exchange (FX) Market Analysis Report for Week-Ended July 2, 2021
12.
Foreign Exchange (FX) Market Analysis for Week-Ended
June 25, 2021
13.
Foreign
Exchange (FX) Market Analysis for Week-Ended June 18, 2021
14.
Foreign Exchange (FX) Market Analysis for Week Ended
June 11, 2021
15.
Foreign Exchange (FX) Market Analysis for Week Ended
June 4, 2021
16.
Parallel Market
Pressures: No End in Sight?
Related News
17.
Parallel Market Rate
at an All-time High of N550
18.
Remittance
to Africa Projected to Decrease in 2021
19.
Gross
Official Reserves Increased by US$610m to US$34.02bn in August 2021
20.
IEFX
Total Transaction Value Decreased by 4.86% to $629.34m
21.
Nigeria-China
Currency Swap: Still Waiting for a Deal
22.
Evaluating
BDCs’ Creative FX Supply Sources, Parallel Market Rate Hits N527
23.
A
Significant Reduction in FX Utilisation
24.
A
Sharp Fall in the CBN’s Supply of FX
25.
Gross
Official Reserves Rose by US79m to US33.4bn in July 2021
Read More:NAFEX Rate Depreciated by 0.17% WoW to N411.95 from N411.25
2021-09-20 07:05:53