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Market | Forex

NAFEX Rate Depreciated by 0.02% WoW to Close at N417.14

May 23, 2022   •   by FMDQ   •   Source: FMDQ   •   eye-icon 368 views

Monday, May 23, 2022 / 07:00 AM / by FMDQ/ Header Image Credit:  Bestmarket Inc

 

Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended May 20, 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 May 13 & 20, 2022.


In the FX Spot and Derivatives markets, the total turnover for the week-ended May 20, 2022, was $674.06 million, representing a decrease of 28.59% ($269.92 million) from $943.98 million reported for the week-ended May 13, 2022. The week-on-week (WoW) decrease in total turnover was driven by the 22.88% ($147.45 million) and 40.87% ($122.46 million) decreases in FX Spot and FX Derivatives turnovers respectively. (See Table 1 below)

 

The WoW decrease in FX Derivatives turnover was driven by the 74.85% ($148.79 million) decrease in FX Futures turnover, despite the 26.11% ($26.33 millionincrease in FX Forwards turnover

 

In the FX Spot market, the total value of transactions for the week-ended May 20, 2022, was $496.90 million, representing a decrease of 22.88% ($147.46 million) from the value of transactions executed in the week-ended May 13, 2022 ($644.36 million)

Table 1: Weekly FX Turnover Analysis 


In the FX Futures market, $50.00 million worth of FX Futures contracts were traded in nine (9) deals, representing a WoW decrease of 74.85% ($148.79 million) when compared to the $198.79 million FX Futures contracts traded in thirty (30) deals recorded in the week-ended May 13, 2022 

For the week-ended May 20, 2022, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/417.14, compared to $/₦417.06 recorded in the week-ended May 13, 2022, representing a depreciation of the Naira against the United States (US) Dollar of 0.02% ($/₦0.08). (See Table 2 below)

Table 2: Weekly FX Rate Analysis


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