CBN’s Foreign exchange supply drops by 24.4% in April – FMDQ OTC

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FMDQ OTC Securities Exchange said transactions in the foreign exchange market settled at $7.38billion in April, a decrease of 24.39 per cent or $2.38billion when compared to $9.76 billion recorded in March.

FMDQ OTC in its report said the Central Bank of Nigeria (CBN) sold a total of $2.05billion through various interventions conducted during the period under review.

According to FMDQ, the apex bank also maintained its marginal rate for the Secondary Market Intervention Sales (SMIS) – Wholesale Forwards intervention at $/₦320; and $/₦357 for Small and medium-sized enterprises (SMEs) and Invisibles.

“In the month under review, the Naira remained relatively flat, closing at $/₦305.85 in the inter-bank market and depreciating by ₦2.50 to close at $/₦387.50 in the parallel market, from $/₦385.00 recorded at the beginning of the month

“Inter-Member trades stood at $0.56billion in the month of April, a decrease of 28.28% ($0.22billion) compared with trades recorded in March, and a decrease of 20.43 per cent ($0.14billion) YoY.

“Member-Client trades stood at $4.77billion in April, a decreasing of 3.68 per cent ($0.18billion) from the previous month and 11.50 per cent ($0.62billion) YoY Member-CBN trades stood at $2.05billion in April ($4.03billion in March), representing a decrease of 49.10per cent ($1.98billion) MoM and a decrease of 10.94% ($0.20billion) YoY,” the report by FMDQ OTC added.

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