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IEFX hits $4.3bn turnover in November as investors’ confidence rises

The Investors & Exporters Foreign Exchange (I & EFX) window continued to increase in the foreign exchange market with a total transaction turnover estimated at $4.3 billion in November.

In the last four days trading last week, a total trade of $823.9 million from Monday 27 November to Thursday 30th was recorded.

According to our correspondent’s investigation, the I& EFX traded on the FMDQ OTC market revealed that between Monday, November 20 to Friday November 24, 2017,  a turnover of about $1.06 billion was traded.

The level of confidence in the nation’s economy continued to be lifted as the specialized window for Investors and Exporters recorded a significant transaction, trading a turnover of $1,115.69 billion from November 13 to 17th of the same period.

Further checks revealed that the I & EFX window, also known as autonomous window, at the beginning of the month under review had recorded total amount of $387.73 million in just three days, between Wednesday, November 1 to Friday, November 3rd..

It was observed that the I & EFX in October rose by 7.3 per cent to $4.53 billion from $4.22 billion in September 2017.

In the I&EFX window for August moved to $3.68 billion, an increase of 62.8 per cent from $2.26 billion in July.

However, the I & EFX window recorded $14.69 billion in four months, between July and September 2017, as Central Bank of Nigeria (CBN) continued to bridge the gap between parallel market and official market rates.

Meanwhile, the apex bank has defended the local currency with $4.8billion between July and October this year.

Data gathered by our correspondent revealed that the apex bank’s highest intervention in four months under review was $1.5 billion in August, followed by $1.37 billion in October.

The CBN had defended the Naira with $1.2 billion and $727.5 million in September and July of 2017 respectively.

Analysts at Cowry Assets, a Lagos based firm said the exchange rate would remain stable this week over sustained stability in global crude oil prices.

The company in its report said, “This week, we retain our stable outlook for the exchange rate amid sustained stability in global crude oil prices which should result in further build-up in foreign reserves as well as CBN’s continued intervention in the various segments of the interbank foreign exchange market.”

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