Nigeria’s Investors’ & Exporters’ (I&E) FX Window reached new highs in the week-ended July 28, 2017, with a record $822.73million total trade, which indicates 142.81percent increase from $340.24million recorded in the preceding week.
This remarkable weekly growth helped to bring the total volume traded at the I&E FX Window since its inception to $5.42billion, FX market analysis show.
In the week-ended August 4, 2017, the I&E FX Window closed at $/N366.44, revealing a spread of just $/N2.94 between the I&E FX Window rate and the BDC rate.
On the other hand, the spread between the BDC and the CBN official exchange rates rose by $/N0.60 to $/N57.95, representing a 1.05percent increase from the spread of $/N57.35 recorded for the preceding week-ended July 28, 2017.
The exchange rate in the Bureau de Change (BDC) market closed at $/N363.50; a marginal decrease of 0.14percent from the rate reported the preceding week-ended July 28, 2017.
The CBN official rate also fell $/N1.10 to close at $/N305.55, indicating a 0.36percent decrease when compared to $/N306.65 reported at the end of the previous week-ended July 28, 2017
In the OTC FX Futures market, $55.63million was traded in nine (9) deals, compared to the preceding week’s total of $242.84mm, traded in eleven (11) deals.
The Central Bank of Nigeria (CBN) continued its supply of US Dollars in the FX market, offering $100million at a marginal rate of $/N320 through a single Secondary Market Intervention Sales (SMIS) – Wholesale session held during the week-ended August 4, 2017.
The apex bank also sold $50million for Small- and Medium-Scale Enterprises and $45million for Retail Invisibles transactions.
For the week-ended July 28, 2017, trading activity in the Spot FX market between the banks and their clients stood at $1.102billion (average daily turnover of $220.46million), representing a 102.50percent increase from the $544.34million (average daily turnover of $108.87million), recorded in the previous week
Activity in the Spot FX market amongst banks for the same trading week revealed a 213.58percent increase, as a total turnover of $380.94million (average daily turnover of $76.19million) was recorded against the $121.48million (average daily turnover of $24.29million) reported the previous week.
Iheanyi Nwachukwu
