LATEST UPDATES
Card-image-cap

Market | Forex

NAFEX Rate Appreciated by 0.03% WoW to N427.81

Aug 29, 2022   •   by   •   Source: FMDQ   •   eye-icon 197 views

Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended August 26, 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 August 19 & 26, 2022.

 

  • In the FX Spot and Derivatives markets, the total turnover for the week-ended August 26, 2022, was $922.79 million, representing an increase of 88.45% ($433.11 million) from $489.68 million reported for the week-ended August 19, 2022. The week-on-week (WoW) increase in total turnover was driven by the 56.32% ($218.89 million) and 212.10% ($214.22 million) increases in FX Spot and FX Derivatives turnovers, respectively. (See Table 1 below)

 

  • The WoW increase in FX Derivatives turnover was solely driven by the 306.52% ($217.63 million) increase in FX Futures turnover, whilst the FX Forwards turnover decreased by 11.37% ($3.41 million)

 

  • In the FX Spot market, the total value of transactions for the week-ended August 26, 2022,    was $607.57 million, representing an increase of 56.32% ($218.89 million) from the value of transactions executed in the week-ended August 19, 2022 ($388.68 million)

 

   Table 1: Weekly FX Turnover Analysis    

 

Week-ended August 26, 2022

Week-ended August 19, 2022

WoW

% Change

Weekly Turnover

Daily Average Turnover

% Share

Weekly Turnover

Daily Average Turnover

% Share

($’million)

($’million)

FX Spot

607.57

121.51

65.84

388.68

77.74

79.37

56.32

Forwards

26.59

5.32

2.88

30.00

6.00

6.13

(11.37)

Futures

288.63

57.73

31.28

71.00

14.20

14.50

306.52

FX Derivatives

315.22

63.05

34.16

101.00

20.20

20.63

212.10

Total

922.79

184.56

100.00

489.68

97.94

100.00

88.45

 

 

  • In the FX Futures market, $288.63 million worth of FX Futures contracts were traded in thirty-nine (39) deals, representing a WoW increase of 306.52% ($217.63 million) when compared to the $71.00 million FX Futures contracts traded in nine (9) deals recorded in the week-ended August 19, 2022 

 

  • For the week-ended August 26, 2022, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/₦427.81, compared to $/₦427.94 recorded in the week-ended August 19, 2022, representing an appreciation of the Naira against the United States (US) Dollar by 0.03% ($/₦0.13). (See Table 2 below)

 

   Table 2: Weekly FX Rate Analysis

 

Aug. 22, 2022

Aug. 23, 2022

Aug. 24, 2022

Aug. 25, 2022

Aug. 26, 2022

Weekly Average

WoW

% Change

Aug. 26

2022

Aug. 19

2022

NAFEX ($/₦)

426.75

427.33

428.00

428.44

428.54

427.81

427.94

0.03

 

Related items.

Get the App

apple-store  play-store

Connect with us


Proshare is a professional practice focused on delivering research and information services to bridge the gap between investors and markets; by delivery on credible, reliable, and timely engagements through the following areas — Impact Research, Market Intelligence, Strategic Advisory, Stakeholder Relations & Digital Media.