NAFEX Rate Depreciated by -0.003% WoW to N411.17 from N411.16

Forex
2467 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp
Proshare

Monday, August 16, 2021 07:00 AM / by FMDQ/ Header Image Credit: Tori NG


Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended August 13, 2021. The table following the commentary compares Spot FX weekly turnover for trades between banks (FMDQ Dealing Member (Banks) [DMBs]/Authorised Dealers) and their clients for the week ended August 6 & 13, 2021.

 

  • In the FX Spot and Derivatives markets, the total turnover for the week-ended August 13, 2021, was $692.60 million, representing an increase of 2.24% ($15.16 million) from $677.44 million reported for the week-ended August 6, 2021. The week-on-week (WoW) increase in turnover was driven by the 12.31% ($60.29 million) increase in the FX Spot, despite the 24.06% ($45.13 million) decrease in FX Derivatives turnover. (See Table 1 below)

 

  • The WoW decrease in FX Derivatives turnover was driven by the 30.24% ($56.73 million) decrease in FX Forwards turnover, resulting in a decrease in FX Derivatives' contribution to total FX market turnover to 20.57%, from 27.69% recorded in the previous week

 

  • In the Investors' & Exporters' (I&E) FX market, the total value of transactions for the week-ended August 13, 2021, was $550.14 million, representing an increase of 12.31% ($60.29 million) from the value of transactions executed in the week-ended August 6, 2021 ($489.85 million)

 

 Table 1: Weekly FX Turnover Analysis

Proshare Nigeria Pvt. Ltd.



For the week-ended August 13, 2021, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/N411.17, compared to $/N411.16 recorded in the previous week-ended August 6, 2021, representing a depreciation of the Naira against the United States (US) Dollar by 0.003% ($/N0.01)

 

  • In the parallel market, the Naira appreciated against the US Dollar by 0.04% ($/N0.20) for the week-ended August 13, 2021, at an average exchange rate of $/N510.60, compared to the $/N510.80 recorded in the previous week. Consequently, the spread between the average parallel market exchange rate and NAFEX rate decreased WoW by 0.21% ($/N0.21) to $/N99.43 in the week-ended August 13, 2021, from $/N99.64 recorded in the previous week. (See Table 2 below)

 

Table 2: Weekly FX Rate Analysis


Proshare Nigeria Pvt. Ltd.



  • In the FX Futures market, $11.60 million worth of FX Futures contracts were traded in two (2) deals

*0.003%

 

 Proshare Nigeria Pvt. Ltd.


Previous Weekly FX Market Analysis

1.     Naira Appreciated by 0.23% WoW in the Parallel Market at an Average Exchange Rate of N510.80

2.     Naira Depreciated by -2.40% WoW in the Parallel Market at an Average Exchange Rate of N512

3.     IEFX Market Total Transactions Value Decreased by $325.65m WoW, Representing 49.86% Decline - FMDQ

4.     FMDQ Foreign Exchange (FX) Market Analysis Report for Week-Ended July 16, 2021

5.     FMDQ Foreign Exchange (FX) Market Analysis Report for Week-Ended July 9, 2021

6.     FMDQ Foreign Exchange (FX) Market Analysis Report for Week-Ended July 2, 2021

7.     Foreign Exchange (FX) Market Analysis for Week-Ended June 25, 2021

8.     Foreign Exchange (FX) Market Analysis for Week-Ended June 18, 2021

9.     Foreign Exchange (FX) Market Analysis for Week Ended June 11, 2021

10. Foreign Exchange (FX) Market Analysis for Week Ended June 4, 2021

 

Proshare Nigeria Pvt. Ltd.


Related News

  1. A Sharp Fall in the CBN's Supply of FX
  2. Gross Official Reserves Rose by US79m to US33.4bn in July 2021
  3. Expect Increasing FX Rates Convergence in Coming Months
  4. Examining the Impact of Exchange Rate Volatility in Nigeria
  5. The New Forex Ban and its Short Term Market Reaction
  6. Ecobank Nigeria Assures Customers Of Smooth Forex Transaction
  7. Nigeria's Exchange Rate Management Should Be Free From Political Interference
  8. BDC Market Implodes as the CBN Stops Sale of Dollars to the Parallel Market
  9. CBN to Refund Minimum Capital Deposits and Licensing Fees to BDC Promoters
  10. CBN Directs DMBs to Set up Teller Points at Bank Branches for the Sale of FX To Retail Customers


 Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP