NAFEX Rate Depreciated WoW to N413.60

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Monday, December 06, 2021 / 10:25 AM / by FMDQ / Header Image Credit: iStock


Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended December 3, 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 26 & December 3, 2021.

  • In the FX Spot and Derivatives markets, the total turnover for the week-ended December 3, 2021, was $893.36 million, representing a decrease of 18.39% ($201.30 million) from $1,094.65 million reported for the week-ended November 26, 2021. The week-on-week (WoW) decrease in total turnover was driven by the 55.50% ($232.56 million) decrease in FX Derivatives turnover despite the 4.63% ($31.26 million) increase in FX Spot turnover. (See Table 1 below)

  • The WoW decrease in FX Derivatives turnover was driven by the 47.83% ($154.58 million) and 81.40% ($77.98 million) decreases in FX Forwards and FX Futures turnover

  • In the FX Spot market, the total value of transactions for the week-ended December 3, 2021, was $706.92 million, representing an increase of 4.63% ($31.26 million) from the value of transactions executed in the week-ended November 26, 2021 ($675.66 million)


Table 1: Weekly FX Turnover Analysis

 

Week-ended December 3, 2021

Week-ended November 26, 2021

WoW

% Change

Weekly

Daily Average

% Share

Weekly

Daily Average

% Share

($’million)

($’million)

FX Spot

706.92

141.38

79.13

675.66

135.13

61.72

4.63

Forwards

168.61

33.72

18.87

323.19

64.64

29.52

(47.83)

Futures

17.82

3.56

1.99

95.80

19.16

8.75

(81.40)

FX Derivatives

186.43

37.29

20.87

418.99

83.80

38.28

(55.50)

Total

893.36

178.67

100.00

1,094.65

218.93

100.00

(18.39)

 


  • For the week-ended December 3, 2021, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) was $/N413.60, compared to $/N413.59 recorded in the week-ended November 26, 2021, representing a depreciation of the Naira against the United States (US) Dollar by $/N0.01. (See Table 2 below)


Table 2: Weekly FX Rate Analysis

2021

 

Nov. 29

Nov. 30

Dec. 1

Dec. 2

Dec. 3

Weekly

Average

Dec. 3

Weekly

Average

Nov. 26

WoW

% Change

NAFEX ($/N)

413.56

413.92

413.41

413.56

413.53

413.60

413.59

0.00



  • In the FX Futures market, $17.82 million worth of FX Futures contracts were traded in four (4) deals, representing a WoW decrease of 79.70% ($69.98 million) when compared to $87.80 million FX Futures contracts traded in eight (8) deals recorded in the week-ended November 26, 2021


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