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Market | Forex

NAFEX Rate Depreciated by 0.07% WoW to N418.95

Jun 27, 2022   •   by   •   Source: FMDQ   •   eye-icon 676 views

Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended June 24, 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 17 & 24, 2022.

 

  • In the FX Spot and Derivatives markets, the total turnover for the week-ended June 24, 2022, was $744.10 million, representing an increase of 34.62% ($191.34 million) from $552.76 million reported for the week-ended June 17, 2022. The week-on-week (WoW) increase in total turnover was driven by the 33.49% ($126.64 million) and the 37.06% ($64.70 million) increases in FX Spot and FX Derivatives turnovers, respectively. (See Table 1 below)

 

  • The WoW increase in FX Derivatives turnover was driven solely by the 82.72% ($69.35 million) increase in FX Futures turnover, despite the 5.12% ($4.65 million) decrease in FX Forwards turnover

 

  • In the FX Spot market, the total value of transactions for the week-ended June 24, 2022, was $504.83 million, representing an increase of 33.49% ($126.64 million) from the value of transactions executed in the week-ended June 17, 2022 ($378.19 million)

 

     Table 1: Weekly FX Turnover Analysis 

 

Week-ended June 24, 2022

Week-ended June 17, 2022

WoW

% Change

Weekly Turnover

Daily Average Turnover

% Share

Weekly Turnover

Daily Average Turnover

% Share

($’million)

($’million)

FX Spot

504.83

100.97

67.84

378.19

94.55

68.42

33.49

Forwards

86.09

17.22

11.57

90.74

22.68

16.42

5.12

Futures

153.18

30.64

20.59

83.83

20.96

15.17

82.72

FX Derivatives

239.27

47.85

32.16

174.57

43.64

31.58

37.06

Total

744.10

148.82

100.00

552.76

138.19

100.00

34.62

      

  • In the FX Futures market, $153.18 million worth of FX Futures contracts were traded in fifteen (15) deals, representing a WoW increase of 82.72% ($69.35 million) when compared to the $83.83 million FX Futures contracts traded in seven (7) deals recorded in the week-ended June 17, 2022 

 

  • For the week-ended June 24, 2022, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/₦418.95, compared to $/₦418.64 recorded in the week-ended June 17, 2022, representing a depreciation of the Naira against the United States (US) Dollar by 0.07% ($/₦0.31). (See Table 2 below)

 

Table 2: Weekly FX Rate Analysis

 

Jun. 20, 2022

Jun. 21, 2022

Jun. 22, 2022

Jun. 23, 2022

Jun. 24, 2022

Weekly Average

WoW

% Change

Jun. 24

2022

Jun. 17

2022

NAFEX ($/)

418.83

419.25

418.75

419.17

418.74

418.95

418.64

0.07

 

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