During the week-ended December 15,2017, the Central Bank of Nigeria (CBN) continued its supply of US Dollars in the FX market, offering $100.00mm at a marginal rate of $/₦331 via a Single Secondary Market Intervention Sale (SMIS) – Wholesale session held during the week-ending December 15, 2017.

The apex bank also maintained its intervention for Small and Medium-Scale Enterprises (SMEs) & for Retail Invisibles transactions at $55.00mm each for both interventions

In the Investors’ & Exporters’ (I&E) FX Window, the total value of trades recorded for the week- ended December 8, 2017 stood at $1.12bn. This represents an increase of 42.60% from $785.14mm recorded the previous week-ended December 1, 2017, bringing the total value traded at the Window since its inception to $23.49bn

For the reporting week-ended December 15, 2017, the CBN official rate decreased by ₦0.15 to close at $/₦306.25, indicating a 0.049% appreciation when compared to $/₦306.40 at the end of the previous week-ended December 8, 2017

In the BureaudeChange (BDC) market,therateroseby₦2.00tocloseat$/₦365.00,indicatinga depreciation of 0.55% when compared to $/₦363.00 at end of the previous week-ended December 8, 2017

The Naira depreciated at the I&E FX Window, where rates opened the week at $/₦360.50, losing ₦0.46 to close the week at ₦360.96, resulting in a spread of $/₦4.04 between the I&E FX Window and BDC market rates

On the other hand, the spread between the BDC and the CBN official exchange rates rose by $/₦2.15 to close at $/₦58.75, representing a 3.80% increase from the spread of $/₦56.60 recorded for the previous week-ended December 8, 2017

Still within the reporting week, $172.56mm worth of OTC FX Futures contracts were traded in thirteen (13) deals, compared to the previous week’s total of $74.09mm traded in ten (10) deals.