NAFEX Rate Appreciated by 0.85% WoW to N415.61

Monday, January 17, 2022 07:00 AM / by FMDQ/ Header Image Credit: ipopba, iStock

Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended January 14, 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 January 7 & 14, 2022.

• In the FX Spot and Derivatives markets, the total turnover for the week-ended January 14, 2022, was $631.89 million, representing an increase of 23.55% ($120.43 million) from $511.46 million reported for the week-ended January 7, 2022. The week-on-week (WoW) increase in total turnover was driven by the 51.17% ($178.39 million) increase in FX Spot turnover despite the 35.60% ($57.95 million) decrease in FX Derivatives turnover. (See Table 1 below)
• The decrease in FX Derivatives turnover was driven by the 100.00% ($68.52 million) decrease in FX Futures turnover, despite the 11.20% ($10.56 million) increase in FX Forwards turnover
• In the FX Spot market, the total turnover for the week-ended January 14, 2022, was $527.03 million, representing a 51.17% ($178.39 million) increase from the turnover reported in the week-ended January 7, 2022 ($348.64 million)

Table 1: Weekly FX Turnover Analysis

In the FX Futures market, there were no Futures contracts traded, resulting in a WoW decrease of 100.00% ($68.52 million) when compared to $68.52 million traded in nine (9) deals recorded in the week-ended January 7, 2022

For the week-ended January 14, 2022, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/N415.61, compared to $/N419.16 recorded in the week-ended January 7, 2022, representing an appreciation of the Naira against the United States (US) Dollar by 0.85% ($/N3.55). (See Table 2 below)

Table 2: Weekly FX Rate Analysis

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