The Central Bank of Nigeria (CBN) intervened through its periodic supply of United States (US) Dollars in the FX market, offering a total of $100.00 million to the Secondary Market Intervention Sales (SMIS) Wholesale window on June 4, 2019.
The Apex Bank sold $55.00 million each to both the Small and Medium-scale Enterprises (SMEs) and the Retail (Invisibles) segment; and also released the results for its auction of Chinese Renminbi and US Dollar under the Bilateral Currency Swap Agreement (BCSA) and SMIS – Retail held on May 31, 2019, selling ¥31.43 million and $294.70 million at both sessions respectively.
In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades for the week-ended May 31, 2019, closed at $0.53 billion, representing a decrease of 46.46% ($0.46 billion) when compared to the $0.99 billion reported in the previous week-ended May 24, 2019, bringing the year-to-date (YTD) value of trades at the window to $30.62 billion
For the reporting week-ended June 7, 2019, the CBN official rate remained unchanged at
$/₦306.95. In the Bureau-de-Change (BDC) market, the exchange rate rose by ₦1.00 to close at $/₦361.00 representing, a 0.28% depreciation when compared to $/₦360.00 recorded in the previous week-ended May 31, 2019
Still for the week-ended June 7, 2019, the Naira depreciated at the I&E FX Window, losing ₦0.01 to close at $/₦360.75 when compared to $/₦360.74 recorded the previous week, resulting in a spread of $/₦1.75 between the BDC market rate and I&E FX Window rate
Also, the spread between the BDC market rate and the CBN official exchange rate rose by ₦1.00 to close at $/₦54.05, indicating an increase of 1.89% from the $/₦53.05 recorded in the previous week
In the OTC FX Futures market, $378.19 million worth of OTC FX Futures contracts were traded in 15 deals, compared to the total of $629.18 million traded in eighteen (18) deals for the previous week-ended May 31, 2019
Dealing Member-Client Spot FX Market Turnover Report: For the week-ended May 31, 2019, trading activities in the Spot FX market between the DMBs and their clients stood at $1,132.68 million (average daily turnover of $283.17 million), representing a decrease of 19.10% when compared to the $1,400.17 million (average daily turnover of $280.03 million), recorded the previous week-ended May 24, 2019
A review of trading activities in the Spot FX market amongst banks for the week-ended May 31, 2019, revealed a decrease of 21.07%, as a total turnover of $285.02 million (average daily turnover of $71.26 million) was recorded, against $361.10 million (average daily turnover of $72.22 million) reported the week-ended May 24, 2019.