The Central Bank of Nigeria (CBN)I intervened through its periodic supply of United States( US) Dollars in the FX market, offering a total of $100.00 million via the Secondary Market Intervention Sales (SMIS) Wholesale Window on November 19, 2019.
The apex bank sold $55.00 million each to both the Small and Medium-scale Enterprises (SMEs) and the Retail (Invisibles) segments; 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 November 15, 2019 closed at $1.57 billion.
This represents an increase of 11.35% ($0.16 billion) when compared to the $1.41 billion reported in the previous week ended November 8, 2019, bringing the year-to-date (YTD) value of trades at the Window to $60.70 billion.
Meanwhile, the CBN official rate rose by ₦0.05 to close at $/₦306.95, indicating a 0.02% depreciation when compared to $/₦306.90 recorded the previous week-ended November 15, 2019.
In the Bureau-de-Change (BDC) market, the exchange rate also remained unchanged for the eighteenth consecutive week at $/₦360.00.
Still, for the week ended November 22, 2019, the Naira depreciated at the I&E FX Window, losing ₦0.06 to close at $/₦362.64 when compared to $/₦362.58 recorded the previous week, resulting in a spread of $/₦2.64 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 0.05 to close at $/₦53.05, indicating a decrease of 0.09% from the spread of $/₦53.10 recorded in the previous week.
In the OTC FX Futures market, $566.92 million worth of OTC FX Futures contracts were traded in thirteen (13) deals, compared to the total of $61.44 million traded in seven (7) deals for the week ended November 15, 2019
Also, the 41st OTC FX Futures contract, NGUS NOV 27 2019, is set to mature and settle on FMDQ Exchange, the Futures Exchange, on Wednesday, November 27, 2019.
