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Market | Forex

NAFEX Rate Appreciated by 0.009% WoW to N461.31

Feb 13, 2023   •   by   •   Source: FMDQ   •   eye-icon 157 views

Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended February 10, 2023. The table that follows compares weekly turnover for trades between banks (FMDQ Dealing Member (Banks)/Authorised Dealers) and their clients for the weeks-ended February 3 & 10, 2023.

 

  • In the FX Spot and Derivatives markets, the total turnover for the week-ended February 10, 2023, was $451.61 million, a decrease of 46.42% ($391.25 million) from $842.86 million reported for the week-ended February 3, 2023. The week-on-week (WoW) decrease in total turnover was jointly driven by the 40.34% ($232.33 million) and 59.54% ($158.92 million) decreases in FX Spot and FX Derivatives turnover, respectively. (See Table 1 below)

 

  • The WoW decrease in FX Derivatives turnover was largely driven by the 62.21% ($163.73 million) decrease in FX Futures turnover, despite the 129.30% ($4.81 million) increase in FX Forwards turnover 

 

  • In the FX Spot market, the total value of transactions for the week-ended February 10, 2023, was $343.63 million, representing a decrease of 40.34% ($232.33 million) from the value of transactions executed in the week-ended February 3, 2023 ($575.96 million)

   

        Table 1: Weekly FX Turnover Analysis 

 

Week-ended February 10, 2023

Week-ended February 3, 2023

WoW

% Change

Weekly Turnover

Daily Average Turnover

% Share

Weekly Turnover

Daily Average Turnover

% Share

($’million)

($’million)

FX Spot

343.63

68.73

76.09

575.96

115.19

68.33

(40.34)

Forwards

8.53

1.71

1.89

3.72

0.74

0.44

129.30

Futures

99.45

19.89

22.02

263.18

52.64

31.22

(62.21)

FX Derivatives

107.98

21.60

23.91

266.90

53.38

31.67

(59.54)

Total

451.61

90.33

100.00

842.86

168.57

100.00

(46.42)

 

  • In the FX Futures market, $99.45 million worth of FX Futures contracts were traded in thirteen (13) deals, representing a WoW decrease of 62.21% ($163.73 million) when compared to the $263.18 million FX Futures contracts traded in sixteen (16) deals recorded in the week-ended February 3, 2023
  • For the week-ended February 10, 2023, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/₦461.31, compared to $/₦461.35 recorded in the week-ended February 3, 2023, representing an appreciation of the Naira against the United States (US) Dollar by 0.009% ($/₦0.04). (See Table 2 below)

     Table 2: Weekly FX Rate Analysis  

 

Feb. 6 2023

Feb. 7 2023

Feb. 8 2023

Feb. 9 2023

Feb. 10 2023

Weekly Average

WoW

% Change

Feb. 10

2023

Feb. 3

2023

NAFEX ($/₦)

461.38

461.33

461.45

461.21

461.20

461.31

461.35

0.009

 

 

 

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