Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended April 22, 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 April 14 & 22, 2022.
In the FX Spot and Derivatives markets, the total turnover for the week-ended April 22, 2022, was $600.41 million, representing an increase of 3.27% ($19.01 million) from $581.41 million reported for the week-ended April 14, 2022. The week-on-week (WoW) increase in total turnover was driven by the 4.03% ($20.16 million) increase in FX Spot turnover, despite the 1.43% ($1.16 million) decrease in FX Derivatives turnover. (See Table 1 below)
The WoW decrease in FX Derivatives turnover was driven by the 1.43% ($1.16 million) decrease in FX Forwards turnover and inactivity in the FX Futures market
In the FX Spot market, the total value of transactions for the week-ended April 22, 2022, was $520.60 million, representing an increase of 4.03% ($20.16 million) from the value of transactions executed in the week-ended April 14, 2022 ($500.44 million)
Table 1: Weekly FX Turnover Analysis
In the FX Futures market, there were no trades recorded in the week-ended April 22, 2022
For the week-ended April 22, 2022, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/N416.77, compared to $/N416.12 recorded in the week-ended April 14, 2022, representing a depreciation of the Naira against the United States (US) Dollar by 0.16% ($/N0.65). (See Table 2 below)
Table 2: Weekly FX Rate Analysis
