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

Forex
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Monday, October 18, 2021 07:00 AM / by FMDQ/ Header Image Credit: Apa


Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended October 15, 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 8 & 15, 2021.


  • In the FX Spot and Derivatives markets, the total turnover for the week-ended October 15, 2021, was $1,569.08 million, representing an increase of 57.47% ($572.63 million) from $996.44 million reported for the week-ended October 8, 2021. The week-on-week (WoW) increase in total turnover was driven by the 10.60% ($71.81 million) and 157.07% ($500.83 million) increases in FX Spot and FX Derivatives turnover, respectively. (See Table 1 below)

 

  • The WoW increase in FX Derivatives turnover was driven by the 1,597.65% ($381.21 million) increase in FX Futures turnover

 

  • In the FX Spot market, the total value of transactions for the week-ended October 15, 2021, was $749.39 million, representing an increase of 10.60% ($71.81 million) from the value of transactions executed in the week-ended October 8, 2021 ($677.59 million)

 

     Table 1: Weekly FX Turnover Analysis

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For the week-ended October 15, 2021, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) was $/N413.40, compared to $/N412.98 recorded in the previous week-ended October 8, 2021, representing a depreciation of the Naira against the United States (US) Dollar by 0.10% ($/N0.42). (See Table 2 below)

 

Table 2: Weekly FX Rate Analysis

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 three

  • In the FX Futures market, $405.06 million worth of FX Futures contracts were traded in six (6) deals, representing a WoW increase of 2,626.46% ($390.21 million) when compared to $14.86 million FX Futures contracts traded in three (3) deals recorded in the week-ended October 8, 2021



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Previous Weekly FX Market Analysis

1.      NAFEX Rate Appreciated by 0.04% WoW to N412.98 from N413.14

2.     NAFEX Rate Depreciated by 0.16% WoW to N413.14 from N412.48

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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