Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended June 17, 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 June 10 & 17, 2022. 

• In the FX Spot and Derivatives markets, the total turnover for the week-ended June 17, 2022, was $552.76 million, representing a decrease of 3.30% ($18.85 million) from $571.61 million reported for the week-ended June 10, 2022. The week-on-week (WoW) decrease in total turnover was driven by the 12.51% ($54.06 million) decrease in FX Spot turnover, despite the 25.26% ($35.21 million) increase in FX Derivatives turnover. (See Table 1 below) 
• The WoW increase in FX Derivatives turnover was jointly driven by the 9.13% ($7.59 million) and 49.12% ($27.61 million) increases in FX Forwards and FX Futures turnovers, respectively 
• In the FX Spot market, the total value of transactions for the week-ended June 10, 2022, was $378.19 million, representing a decrease of 12.51% ($54.05 million) from the value of transactions executed in the week-ended June 10, 2022 ($432.24 million) 

     Table 1: Weekly FX Turnover Analysis

• In the FX Futures market, $83.83 million worth of FX Futures contracts were traded in seven (7) deals, representing a WoW increase of 49.12% ($27.61 million) when compared to the $56.22 million FX Futures contracts traded in twelve (12) deals recorded in the week-ended June 10, 2022  

• For the week-ended June 17, 2022, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/₦418.64, compared to $/₦419.34 recorded in the week-ended June 10, 2022, representing an appreciation of the Naira against the United States (US) Dollar of 0.17% ($/₦0.70). (See Table 2 below) 

Table 2: Weekly FX Rate Analysis