The Central Bank of Nigeria (CBN) intervened through its periodic supply of United States (US) Dollars in the Foriegn Exchange market, offering a total of $100.00 million to the Secondary Market Intervention Sales (SMIS) Wholesale window on February 19, 2019.
The Apex bank also sold $55.00 million February 15, 2019, closed at $1.17 billion, representing a decrease of 32.76% ($0.57 billion) when compared to the $1.74 billion reported in the previous week ending February 8, 2019.
Meanwhile, the CBN official rate rose by ₦0.05 to close at $/₦306.80, indicating a 0.02% depreciation when compared to $/₦306.75 recorded the previous week.
In the Bureau-de-Change (BDC) market, the exchange rate fell by ₦1.00 to close at $/₦361.00 depicting a 0.28% appreciation when compared to the dollar by ₦362.00 recorded in the previous week-end.
Meanwhile, in the week-ended February 22, 2019, the Naira appreciated at the I&E FX Window, gaining ₦0.36 to close at $/₦361.49 when compared to $/₦361.85 recorded the previous week, resulting in a spread of $/₦0.49 between the BDC market rate and I&E FX Window rate each to both the Small and Medium-scale Enterprises (SMEs) and the Retail (Invisibles) segment.
In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades for the week-ended the year-to-date (YTD) value of trades at the window to $6.75 billion week-ended February 15, 2019 ended February 15, 2019.
The spread between the BDC market rate and the CBN official exchange rate fell by ₦1.05 to close at $/₦54.20, indicating a decrease of 1.90% from the $/₦55.25 recorded in the previous week.
In the OTC FX Futures market, $549.04 million worth of OTC FX Futures contracts were traded in forty (40) deals, compared to the total for the previous week-ended February 15, 2019 of $189.81 traded in twenty-one (21) deals.
The 32nd OTC FX Futures contract, NGUS FEB 27, 2019, with open contract of $563.55 million will mature and settle on FMDQ on Wednesday, February 27, 2019.