Please see the comments below on the Foreign Exchange (FX) market with data for the week-ended January 27, 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 20 & 27, 2023.

• In the FX Spot and Derivatives markets, the total turnover for the week-ended January 27, 2023, was $766.36 million, an increase of 15.17% ($100.95 million) from $665.41 million reported for the week-ended January 20, 2023. The week-on-week (WoW) increase in total turnover was solely driven by a 127.69% ($153.52 million) increase in FX Derivatives turnover, which offset the 9.64% ($52.57 million) decrease in FX Spot. (See Table 1 below)
• The WoW increase in FX Derivatives turnover was largely driven by the 554.58% ($227.82 million) increase in FX Futures turnover, despite the 93.87% ($74.30 million) decrease in FX Forwards turnover. 
• In the FX Spot market, the total value of transactions for the week-ended January 27, 2023, was $492.61 million, representing a WoW decrease of 9.64% ($52.57 million) from the value of transactions executed in the week-ended January 20, 2023, ($545.18 million)

Table 1: Weekly FX Turnover Analysis

• In the FX Futures market, $268.90 million worth of FX Futures contracts were traded in twenty (20) deals, representing a WoW increase of 554.58% ($227.82 million) when compared to the $41.08 million FX Futures contracts traded in five (5) deals recorded in the week-ended January 20, 2023
• For the week-ended January 27, 2023, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/₦461.34, compared to $/₦461.29 recorded in the week-ended January 20, 2023, representing a depreciation of the Naira against the United States (US) Dollar by 0.01% ($/₦0.05). (See Table 2 below)

Table 2: Weekly FX Rate Analysis