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

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Monday, October 04, 2021 07:00 AM / by FMDQ/ Header Image Credit: TechEconomy


Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended September 30, 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 24 & 30, 2021.

 

  • In the FX Spot and Derivatives markets, the total turnover for the week-ended September 30, 2021, was $1,392.46 million, representing a decrease of 12.13% ($192.25 million) from $1,584.71 million reported for the week-ended September 24, 2021. The week-on-week (WoW) decrease in total turnover was driven by the 10.05% ($76.54 million) and 14.06% ($115.71 million) decreases in FX Spot and FX Derivatives turnover, respectively. (See Table 1 below)

 

  • The WoW decrease in FX Derivatives turnover was driven by the 20.87% ($142.45 million) decrease in FX Futures turnover, despite the 19.03% ($26.74 million) increase in FX Forwards

 

  • In the FX Spot market, the total value of transactions for the week-ended September 30, 2021, was $685.17 million, representing a decrease of 10.05% ($76.54 million) from the value of transactions executed in the week-ended September 24, 2021 ($761.71 million)

 

     Table 1: Weekly FX Turnover Analysis

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For the week-ended September 30, 2021, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) was $/N413.14, compared to $/N412.48 recorded in the previous week-ended September 24, 2021, representing a depreciation of the Naira against the United States (US) Dollar by 0.16% ($/N0.66). (See Table 2 below)

 

Table 2: Weekly FX Rate Analysis

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  • In the FX Futures market, $467.00 million worth of FX Futures contracts were traded in twenty-four (24) deals, representing a WoW decrease of 1.30% ($6.14 million) when compared to $473.13 million FX Futures contracts traded in twenty-six (26) deals recorded in the week-ended September 24, 2021

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Previous Weekly FX Market Analysis

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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21.  Gross Official Reserves Increased by US$610m to US$34.02bn in August 2021

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

23. Nigeria-China Currency Swap: Still Waiting for a Deal

24. Evaluating BDCs' Creative FX Supply Sources, Parallel Market Rate Hits N527

25. A Significant Reduction in FX Utilisation

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27. Gross Official Reserves Rose by US79m to US33.4bn in July 2021

 

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