Weekly forex transactions fall to $539.47m: FMDQ Exchange
The total foreign exchange transactions on FMDQ Securities Exchange fell by about 22.11 percent this week, according to official data obtained by Markets Reporters.
In the forex spot and derivatives markets, the total turnover for this week was $539.47 million, down from $692.60 million last week.
The week-on-week increase in turnover was driven by the 24.56 percent ($135.09 million) and 12.66 percent ($18.04 million) decrease in the forex spot and forex derivatives turnover, respectively, according to FMDQ Exchange.
It said the decrease in forex derivatives turnover was jointly driven by the 4.92 percent and 100 percent decrease in forex forwards and forex futures turnover respectively.
Forex derivatives’ contribution to total forex market turnover was said to have increased to 23.06 percent from 20.57 percent in the previous week.
In the Investors’ & Exporters’ forex market, the total value of transactions for this week was $415.05 million, representing a decrease of 24.56 percent ($135.09 million) from $550.14 million last week.
FMDQ Exchange said the average Nigerian Autonomous Foreign Exchange Fixing rate was N411.22/$, compared to N411.17/$ last week, representing a depreciation of the naira against the dollar by 0.01 percent.
It said in the parallel market, the naira depreciated against the dollar by 1.02 percent at an average exchange rate of N515.80/$, compared to the N510.60/$ recorded last week.
