NAFEX Rate Depreciated by 0.01% WoW to N415.63

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Monday, January 24, 2022 07:00 AM / by FMDQ/ Header Image Credit: tadamichi, iStock


Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended January 21, 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 14 & 21, 2022.


In the FX Spot and Derivatives markets, the total turnover for the week-ended January 21, 2022, was $788.19 million, representing an increase of 24.74% ($156.30 million) from $631.89 million reported for the week-ended January 14, 2022. The week-on-week (WoW) increase in total turnover was driven by the 14.04% ($73.99 million) and 78.49% ($82.30 million) increases in FX Spot and FX Derivatives turnover, respectively. (See Table 1 below)


The increase in FX Derivatives turnover was driven by the $20.00 million increase in FX Futures turnover, as well as a 59.41% ($62.30 million) increase in FX Forwards turnover


In the FX Spot market, the total turnover for the week-ended January 21, 2022, was $601.02 million, representing a 14.04% ($73.99 million) increase from the turnover reported in the week-ended January 14, 2022 ($527.03 million)


Table 1: Weekly FX Turnover Analysis

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In the FX Futures market, $20.00 million worth of FX Futures contracts traded were traded in three (3) deals, representing a WoW increase of 100.00% ($20.00 million) compared to the week-ended January 14, 2022, when there was no activity in the market


For the week-ended January 21, 2022, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/N415.63, compared to $/N415.61 recorded in the week-ended January 14, 2022, representing a depreciation of the Naira against the United States (US) Dollar by 0.01% ($/N0.02). (See Table 2 below)


Table 2: Weekly FX Rate Analysis

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*% WoW Change is indeterminable due to prior week figured being zero


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