Fx Transactions Surge by 65.81% on I&E FX Window

Naira Assets
  • Fx Transactions Surge by 65.81% on I&E FX Window

The number of foreign exchange transactions completed on the Investors & Exporters (I&E) Fx Window rose by 65.81 per cent in the week ended February 22, 2019.

Transactions valued at $1.94 billion or N701.94 billion were performed during the week, up from the $1.17 billion or N423.34 billion performed in the previous week, according to the figures from FMDQ OTC.

The FX window established by the Central Bank of Nigeria in April 2017 to boost liquidity at the foreign exchange market and ensure just-in-time execution of eligible transactions has facilitated forex transactions valued at $8.69 billion or N3.14 trillion year-to-date (YTD).

Also, a breakdown of trading activities in the Spot FX market for the week ended February 22, 2019 revealed a 103.46 per cent increase in turnover as turnover rose from $274.95 million filed in the week ended February 15, 2019 to $559.42 million.

In the OTC FX Futures market, OTC FX Futures contracts worth $675.78 million were traded in 46 deals, compared to a total of $512.25 million traded in 37 deals for the week ended February 15, 2019.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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