Business

I&E forex window records $62bn turnover in 2019

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Forex
Forex

By Elizabeth Adegbesan

Akahi News Page Content Sub-Topics show

The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the  foreign exchange market rose by four per cent, year on year (y/y),  to $62.37 billion last year from $59.75 billion in 2018.

Investors anticipate higher rates as CBN sells N169.85bn TBs

Meanwhile, the naira  depreciated slightly by 51 kobo in the I&E window in 2019,   as the indicative exchange rate for the window rose to N364.51 per dollar on 31st of December 2019  from N364 per dollar on December 31st 2018.

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Vanguard analysis of monthly turnover in the I&E window showed that   turnover dropped by 22 percent in January 2019 to $3.84 billion from $4.95 billion in December 2018.

In February 2019, turnover rose by 138 percent to $9.13 billion (highest turnover recorded in the year) from where it declined by 22 percent to $7.5 billion   in March   and by  39 percent to $4.6 billion in April.

The turnover continued its downward trend in May as it fell   by 11 percent to $4.1 billion and by  another 29 percent to $2.9 billion in June.

However, turnover ticked up in June by 30 percent to $4.12 billion and by 70 percent to $7 billion in August, before falling by 37 percent to $4.4 billion in September and down again by five percent to $4.2 billion in October.

In November, turnover in the I&E rose by 26 percent to $5.3 billion and remained stable at $5.3 billion   in   December.

Financial Vanguard analysis of weekly turnover in the window in December showed that $1.3 billion was traded in the first week of the month. Turnover rose by 17 percent to $1.52 billion in the second week and down by 25 percent to $1.14 billion in the third week.

Equities market rebounds as investors gain over N156 bn

The turnover fell in the fourth week  by 25 percent to $857.83  million and   down by another 85 percent to $128.87 million in the first two days of the fifth week of December.

Vanguard

The post I&E forex window records $62bn turnover in 2019 appeared first on Vanguard News.

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Categories: Business, FORUM

Tagged as: Vanguard

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