Weekly forex transactions rise to $692.60m: FMDQ Exchange
The total foreign exchange transactions on FMDQ Securities Exchange rose by about 2.24 percent last week, according to official data obtained by Markets Reporters.
In the forex spot and derivatives markets, the total turnover for the week ended August 13, 2021 was $692.60 million, up from $677.44 million reported for the previous week.
The week-on-week increase in turnover was driven by the 12.31 percent ($60.29 million) increase in the forex spot, despite the 24.06 percent ($45.13 million) decrease in forex derivatives turnover, according to FMDQ Exchange.
It said decrease in forex derivatives turnover was driven by the 30.24 percent decrease in forex forwards turnover.
It said this resulted in a decrease in forex derivatives’ contribution to total forex market turnover to 20.57 percent, from 27.69 percent recorded in the previous week
The exchange said the total value of transactions in the Investors’ & Exporters’ forex market was $550.14 million, representing an increase of 12.31 percent ($60.29 million) from $489.85 million in the previous week.
It said the average Nigerian Autonomous Foreign Exchange Fixing rate was $/N411.17, compared to $/N411.16 recorded in the previous week, representing a depreciation of the naira against the dollar by 0.003 percent.
The naira, however, appreciated against the dollar by 0.04 percent at the parallel market as it averaged 510.60/$, compared to 510.80/$ in the previous week.
