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NAFEX records $522.8m transactions turnover in first week 2018

…as Naira slips against Pound, Euro at parallel market

The Nigerian Autonomouse Foreign Exchange (NAFEX) window recorded total transactions turnover of $522.8 million at the end of official first trading week in 2018, finding by The Daily Times has revealed.

But the Naira, over the weekend extended its losing streak against the Pound and Euro to close at 486 and 434, respectively, compared to 485 and 430 sold on Thursday at the parallel segment of the foreign exchange market.

The breakdown, showed that the autonomous FX window declared total turnover of $200.36 million on the first trading day in 2018, after the official forex market was shut on Monday 1 January, 2018, for celebration of the New Year.

The figure, however, declined to $124.24m at the close of the following day trading activities, represented a drop of $76.12m, while compared to $200.36m sold on Tuesday.

The NAFEX, otherwise known as Investors & Exporters (I&E) FX window on Thursday weakened further on the third day during the week to close at $93.34m, against $124.24m exchaged on Wednesday and $123.20m recorded a week ago.

It, however, rebounded on the last trading day of the week with a closing transactions turnover of $104.87 million, even though it was lower than $200.36 million sold on the correspondind day in the previous week.

The I&E FX window, began the last trading day of the week at an opened of N360.05, which was lower than N360.29 to the dollar exchanged on Thursday , and traded high at N362.40 before closing at N361.31 per dollar, weaker than 361.08 recorded on Thursday.

The Naira, as at close of the official forex market activities on Friday stabilised at N305.95 to the dollar, the same rate it exchanged on Thursday but lower than N305.50 stoid on the first day of 2018, data obtained from the FMDQ OTC has showed.

Speaking exclusive with the Daily Times Nigeria, Chairman, Association of the Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, said that creation of the I&E FX window was phenomenal to the growth and stability of the foreign exchange market in 2017.

He said: “The impact is phenomenal, because it has even defeated the pundit that predicted that dollar would be N1000 to a dollar before the end of 2017.”

The ABCON boss, also, noted that the intervention by the Central Bank of Nigeria (CBN) through the BDC window as greatly impacted and influenced the nation’s economy and it’s economy at large.

He said,”Thus development has influenced so many things such as; the exchange rate stability, removal of spike, hoarding, speculation and growth in the Nigerian economy. In fact, is one of the factors that helped the country from exiting recession.”

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