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

Forex
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Monday, September 27, 2021 07:00 AM / by FMDQ/ Header Image Credit: Premium Times Nigeria

 

Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended September 24, 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 September 17 & 24, 2021.


  • In the FX Spot and Derivatives markets, the total turnover for the week-ended September 24, 2021, was $1,584.71 million, representing an increase of 5.77% ($86.52 million) from $1,498.20 million reported for the week-ended September 17, 2021. The week-on-week (WoW) increase in total turnover was driven by the 16.71% ($117.85 million) increase in FX Derivatives turnover (See Table 1 below)

 

  • The WoW increase in FX Derivatives turnover was driven by the 62.16% ($261.61 million) increase in FX Futures turnover, despite the 50.57% ($143.76 million) decrease in FX Forwards turnover

 

  • In the FX Spot market, the total value of transactions for the week-ended September 24, 2021, was $761.71 million, representing a decrease of 3.95% ($31.33 million) from the value of transactions executed in the week-ended September 17, 2021 ($793.04 million)

 

 Table 1: Weekly FX Turnover Analysis

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For the week-ended September 24, 2021, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/N412.48, compared to $/N411.95 recorded in the previous week-ended September 17, 2021, representing a depreciation of the Naira against the United States (US) Dollar by 0.13% ($/N0.53)


Table 2: Weekly FX Rate Analysis

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  • In the FX Futures market, $473.13 million worth of FX Futures contracts were traded in twenty-six (26) deals, representing a WoW increase of 65.43% ($187.13 million) when compared to $286.00 million FX Futures contracts traded in eleven (11) deals recorded in the week-ended September 17, 2021

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Previous Weekly FX Market Analysis

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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