NAFEX Rate Appreciated by 0.04% WoW to N413.45

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Monday, November 22, 2021 07:50 AM / by FMDQ/ Header Image Credit: Instarem


Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended November 19, 2021. 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 November 12 & 19, 2021.  


  • In the FX Spot and Derivatives markets, the total turnover for the week-ended November 19, 2021, was $683.17 million, representing a decrease of 9.01% ($67.61 million) from $750.79 million reported for the week-ended November 12, 2021. The week-on-week (WoW) decrease in total turnover was driven by the 1.35% ($7.34 million) and 29.26% ($60.27 million) decreases in FX Spot and FX Derivatives turnover, respectively. (See Table 1 below)

 

  • The WoW decrease in FX Derivatives turnover was driven by the 39.03% ($78.16 million) decrease in FX Forwards turnover, despite the 313.76% ($17.88 million) increase in FX Futures turnover

 

  • In the FX Spot market, the total value of transactions for the week-ended November 19, 2021, was $537.48 million, representing a decrease of 1.35% ($7.34 million) from the value of transactions executed in the week-ended November 12, 2021 ($544.82 million)

 

     Table 1: Weekly FX Turnover Analysis

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For the week-ended November 19, 2021, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) was $/N413.45, compared to $/N413.62 recorded in the week-ended November 12, 2021, representing an appreciation of the Naira against the United States (US) Dollar by 0.04% ($/N0.17). (See Table 2 below)

 

Table 2: Weekly FX Rate Analysis

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  • In the FX Futures market, $20.43 million worth of FX Futures contracts were traded in four (4) deals, representing a WoW increase of 423.96% ($16.53 million) when compared to $3.90 million FX Futures contracts traded in two (2) deals recorded in the week-ended November 12, 2021


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