Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended February 17, 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 February 10 & 17, 2023.

• In the FX Spot and Derivatives markets, the total turnover for the week-ended February 17, 2023, was $616.57 million, an increase of 36.53% ($164.96 million) from $451.61 million reported for the week-ended February 10, 2023. The week-on-week (WoW) increase in total turnover was jointly driven by the 4.82% ($5.21 million) and 46.49% ($159.75 million) increases in FX Derivatives and FX Spot turnover, respectively. (See Table 1 below)
• The WoW increase in FX Derivatives turnover was largely driven by the 80.77% ($6.89 million) increase in FX Forwards turnover, despite the 1.69% ($1.68 million) decrease in FX Futures turnover 
• In the FX Spot market, the total value of transactions for the week-ended February 17, 2023, was $503.38 million, representing an increase of 46.49% ($159.75 million) from the value of transactions executed in the week-ended February 10, 2023 ($343.63 million)

        Table 1: Weekly FX Turnover Analysis

• In the FX Futures market, $97.77 million worth of FX Futures contracts were traded in ten (10) deals, representing a WoW decrease of 1.69% ($1.68 million) when compared to the $99.45 million FX Futures contracts traded in thirteen (13) deals recorded in the week-ended February 10, 2023
• For the week-ended February 17, 2023, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate remained unchanged at $/₦461.31. (See Table 2 below)

 Table 2: Weekly FX Rate Analysis