NAFEX Rate Appreciated by 0.01% WoW to N415.76

Monday, April 11, 2022 / 07:00 AM / by FMDQ/ Header Image Credit:  orbex

Below is the commentary on the Foreign Exchange (FX) market with data
for the week-ended April 8, 2022. The table following the commentary compares
weekly turnover for trades between banks (FMDQ Dealing Member (Banks)
[DMBs]/Authorised Dealers) and their clients for the weeks-ended April 1 &
8, 2022.

In the FX Spot and Derivatives markets, the total turnover for the
week-ended April 8, 2022, was $534.08 million, representing a decrease of
40.11% ($357.63 million) from $891.71 million reported for the week-ended April
1, 2022. The week-on-week (WoW) decrease in total turnover was driven by the
16.91% ($87.63 million) and 72.29% ($270.00 million) decreases in the FX Spot
and FX Derivatives turnovers, respectively. (See Table 1 below)

The WoW decrease in FX Derivatives turnover was jointly driven by the
43.21% ($72.65 million) and 96.10% ($197.34 million) decreases in FX Forwards
and FX Futures turnovers, respectively

In the FX Spot market, the total value of transactions for the
week-ended April 8, 2022, was $430.59 million, representing a decrease of
16.91% ($87.63 million) from the value of transactions executed in the
week-ended April 1, 2022 ($518.22 million)

Table 1: Weekly FX Turnover Analysis

In the FX
Futures market, $8.00 million worth of FX Futures contracts were traded in
three (3) deals, representing a WoW decrease of 96.10% ($197.34 million) when
compared to $205.34 million FX Futures contracts traded in fourteen (14) deals
recorded in the week-ended April 1, 2022

For the
week-ended April 8, 2022, the average Nigerian Autonomous Foreign Exchange
Fixing (NAFEX) rate was $/N415.76, compared to $/N415.81 recorded in the week-ended
April 1, 2022, representing an appreciation of the Naira against the United
States (US) Dollar by 0.01% ($/N0.05). (See Table 2 below)

Table 2: Weekly FX Rate Analysis

Related News

1. NAFEX Rate Appreciated by 0.01% WoW to N415.81
2. NAFEX Rate Appreciated by 0.03% WoW to N415.77
3. NAFEX Rate Appreciated by 0.02% WoW to N415.89
4. NAFEX Rate Depreciated by 0.08% WoW to N415.98
5. NAFEX Rate Appreciated by 0.04% WoW to N415.64
6. NAFEX Rate Appreciated by 0.12% WoW to N415.82
7. NAFEX Rate Appreciated by 0.02% WoW to N416.31
8. NAFEX Rate Depreciated by 0.10% WoW to N416.40
9. NAFEX Rate Appreciated by 0.01% WoW to N415.99
10. NAFEX Rate Depreciated by 0.10% WoW to N416.04
11. NAFEX Rate Depreciated by 0.01% WoW to N415.63