Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended January 20, 2023. The table that follows compares weekly turnover for trades between banks (FMDQ Dealing Member (Banks)/Authorised Dealers) and their clients for the weeks-ended January 13, 2023 & January 20, 2023.

• In the FX Spot and Derivatives markets, the total turnover for the week-ended January 20, 2023, was $665.41 million, an increase of 27.22% ($142.36 million) from $523.05 million reported for the week-ended January 13, 2023. The week-on-week (WoW) increase in total turnover was jointly driven by a 21.62% ($96.92 million) and 60.76% ($45.44 million) increase in FX Spot and FX Derivatives turnover, respectively. (See Table 1 below)
• The WoW increase in FX Derivatives turnover was largely driven by the 173.97% ($50.26 million) increase in FX Forwards turnover, while the FX Futures turnover experienced a 10.50% ($4.82 million) decrease from $45.90 million to $41.08 million 
• In the FX Spot market, the total value of transactions for the week-ended January 20, 2023, was $545.18 million, representing a WoW increase of 21.62% ($96.92 million) from the value of transactions executed in the week-ended January 13, 2023, ($448.26 million)

   Table 1: Weekly FX Turnover Analysis

• In the FX Futures market, $41.08 million worth of FX Futures contracts were traded in five (5) deals, representing a WoW decrease of 10.50% ($4.82 million) when compared to the $45.90 million FX Futures contracts traded in three (3) deals recorded in the week-ended January 13, 2023
• For the week-ended January 20, 2023, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate remained unchanged to close at $/₦461.29. (See Table 2 below)

Table 2: Weekly FX Rate Analysis