NAFEX Rate Appreciated by 0.69% WoW to N413.62 from N416.48

Forex
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Monday, November 08, 2021 07:00 AM / by FMDQ/ Header Image Credit: The Guardian Nigeria

 

Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended November 5, 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 October 29 & November 5, 2021.

 

  • In the FX Spot and Derivatives markets, the total turnover for the week-ended November 5, 2021, was $852.29 million, representing a decrease of 44.80% ($691.60 million) from $1,543.88 million reported for the week-ended October 29, 2021. The week-on-week (WoW) decrease in total turnover was driven by the 36.58% ($251.84 million) and 51.41% ($439.76 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 64.70% ($483.91 million) decrease in FX Futures turnover, despite the 41.10% ($44.15 million) increase in FX Forwards turnover

 

  • In the FX Spot market, the total value of transactions for the week-ended November 5, 2021, was $436.70 million, representing a decrease of 36.58% ($251.84 million) from the value of transactions executed in the week-ended October 29, 2021 ($688.54 million)

     Table 1: Weekly FX Turnover Analysis 

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  • For the week-ended November 5, 2021, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) was $/N413.62, compared to $/N416.48 recorded in the previous week-ended October 29, 2021, representing an appreciation of the Naira against the United States (US) Dollar by 0.69% ($/N2.86). (See Table 2 below)

     

    Table 2: Weekly FX Rate Analysis

    2021

     

    Nov. 1

    Nov. 2

    Nov. 3

    Nov. 4

    Nov. 5

    Weekly

    Average

    Nov. 5

    Weekly

    Average

    Oct. 29

    WoW

    % Change

    NAFEX ($/₦)

    413.28

    413.78

    413.58

    413.57

    413.88

    413.62

    416.48

    0.69

     three

    • In the FX Futures market, $243.27 million worth of FX Futures contracts were traded in thirty-three (33) deals, representing a WoW decrease of 61.87% ($394.67 million) when compared to $637.94 million FX Futures contracts traded in thirty-seven (37) deals recorded in the week-ended October 29, 2021

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Previous Weekly FX Market Analysis

1.      NAFEX Rate Depreciated by 0.74% WoW to N416.48 from N413.43

2.     NAFEX Rate Depreciated Marginally by 0.01% WoW to N413.43 from N413.40

3.     NAFEX Rate Depreciated by 0.10% WoW to N413.40 from N412.98

4.     NAFEX Rate Depreciated by 0.13% WoW to N412.48 from N411.95

5.     NAFEX Rate Depreciated by 0.17% WoW to N411.95 from N411.25

6.     Naira Depreciated by 1.10% WoW in the Parallel Market at an Average Exchange Rate of N532.00

7.     IEFX Total Transaction Value Decreased by 4.86% to $629.34m

8.     Naira Depreciated at the Parallel Market by -0.54% WoW to N518.60 from N515.80

9.     Naira Depreciated at the Parallel Market by -1.02% WoW to N515.80 from N510.60

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

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

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

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

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

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

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

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

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

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

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

 


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Proshare Nigeria Pvt. Ltd.

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