The naira weakened further this week at the Investors and Exporters window, even as the foreign exchange turnover rose by almost 25 percent.
The total turnover in the FX spot and derivatives markets was $772.12 million, representing an increase of 24.56 percent from $619.88 million last week, according to FMDQ Group.
“The week-on-week increase in total turnover was driven by the 307.43 percent ($312.29 million) increase in FX derivatives turnover, despite the 30.88 percent ($160.04 million) decrease in FX spot turnover,” it said in its weekly report on Saturday.
It said the increase in FX derivatives turnover was jointly driven by the 107.60 percent ($7.08 million) and 321.27 percent ($305.21 million) increases in FX forwards and FX futures turnovers, respectively.
In the FX spot market, the total value of transactions was $358.26 million, representing a decrease of 30.88 percent compared to last week.
FMDQ said $400.21 million worth of FX futures contracts were traded in 21 deals, up 321.27 percent when compared to the $95.00 million FX futures contracts traded in nine deals recorded last week.
“For the week ended August 12, 2022, the average Nigerian Autonomous Foreign Exchange Fixing rate was $/N426.79, compared to $/N426.41 recorded in the week ended August 5, 2022, representing a depreciation of the Naira against the United States dollar by 0.09 percent ($/N0.38),” it said.