I & E forex window attracts $17.86bn transaction value in 6 months

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By Nkiruka Nnorom

The Investors & Exporter, I &E Foreign Exchange, FX Window has attracted $17.86 billion transactions value since April this year when it was introduced, according to data from the FMDQ OTC Securities Exchange Plc.

However, FMDQ, yesterday, revealed that total value traded in the I&E FX Window settled at $4.30 billion for October, a 6.68 per cent or $0.31 billion decrease when compared to $4.61 billion recorded the previous month.

Meanwhile, transactions in the Fixed Income and Currency markets rose to N12.18 trillion in October, a 7.39 per cent increase from the value recorded in September, and a 47.19 per cent increase year-on-year, YoY. Treasury Bill, at  37.20 per cent of the total transaction for the period,  accounted for the larger portion of the total transaction for the period, while

activities in the Foreign Exchange (FX) market came next accounting for 36.92 per cent.

Money market (repurchase agreements [repos]/buy-backs & unsecured placements/takings) accounted for 19.27 per cent of total turnover for the review period. It was followed by Federal Government of Nigeria, FGN 2 Bond, which recorded 6.51 per cent of total turnover during the month.

Transactions in the FX market settled at $13.86 billion in October, a decrease of 1.23 per cent

when compared to $14.04 billion recorded in September

In the month under review, the Naira appreciated slightly in the Investors’ &

…As CBN weakens naira marginally

The Central Bank of Nigeria, CBN, sold dollars at N306 for the second time on Tuesday after maintaining a level around N305 on the official spot market for two months.

Traders, who disclosed this, said the move was minor, to signal a change in foreign exchange policy.

The apex bank last sold dollars at N306 naira on the spot market in September and had sold the currency as low as N306.65 in July.

The post I & E forex window attracts $17.86bn transaction value in 6 months appeared first on Vanguard News.

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