Please see below commentary on the Foreign Exchange (FX) market with datafor the week-ended November 5, 2021. The table following the commentary compares weekly turnover for trades between banks (FMDQ Dealing Member (Banks) [DMBs]/Authorised Dealers) and their clients for the weeks-ended October 29 & November 5, 2021.

In the FX Spot and Derivatives markets, the total turnover for the week-ended November 5, 2021, was

$852.29 million, representing adecrease of 44.80% ($691.60 million) from $1,543.88 million reported for the week-ended October 29, 2021. The week-on-week (WoW) decrease in total turnover was driven by the 36.58% ($251.84 million) and 51.41% ($439.76 million) decreases in FX Spot and FX  Derivatives turnover, respectively. (See Table 1 below)

• The WoW decrease in FX Derivatives turnover was driven by the 64.70% ($483.91 million) decrease in FX Futures turnover, despite the 41.10% ($44.15 million) increase in FX Forwards turnover
• In the FX Spot market, the totalvalue of transactions forthe week-ended November 5, 2021, was $436.70 million, representing a decrease of 36.58% ($251.84 million) from the value of  transactions executed in the week-ended October 29, 2021 ($688.54 million)

Table 1: Weekly FX Turnover Analysis

	Week-ended November 5, 2021			Week-ended October 29, 2021			WoW % Change
	Weekly	Daily Average	% Share	Weekly	Daily Average	% Share
	($’million)			($’million)
FX Spot	436.70	87.34	51.24	688.54	137.71	44.60	(36.58)
Forwards	151.56	30.31	17.78	107.41	21.48	6.96	41.10
Futures	264.03	52.81	30.98	747.94	149.59	48.45	(64.70)
FX Derivatives	415.59	83.12	48.76	855.35	171.07	55.40	(51.41)
Total	852.29	170.46	100.00	1,543.88	308.78	100.00	(44.80)

• For the week-ended November 5, 2021, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) was $/₦413.62, compared to $/₦416.48 recorded in the previous week-endedOctober 29, 2021, representing an appreciation of the Naira against the United States (US) Dollar by 0.69% ($/₦2.86). (See Table 2 below)

Table 2: Weekly FX Rate Analysis

2021
	Nov. 1	Nov. 2	Nov. 3	Nov. 4	Nov. 5	Weekly Average Nov. 5	Weekly Average Oct. 29	WoW % Change
NAFEX ($/₦)	413.28	413.78	413.58	413.57	413.88	413.62	416.48	0.69

 

• In the FX Futures market, $243.27 million worth of FX Futures contracts were traded in thirty-three (33) deals, representing a WoW decrease of 61.87% ($394.67 million) when compared to $637.94 million FX Futures contracts traded in thirty-seven (37) deals recorded in the week-ended October 29, 2021