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Forex: Turnover in I&E falls by 11% to $4.1bn in May

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By Elizabeth Adegbesan

THE volume of dollars traded in the Investors and Exporters, I&E, foreign exchange window fell by 11 percent, month-on-month, to $4.1 billion last month from $4.6 billion in April, 2019.

This represents the third consecutive monthly decline in the volume of dollars traded in the window since February this year.

Financial Vanguard analysis showed that turnover in the window rose by 204 percent to $9.13 billion in February, courtesy of increased inflow from foreign portfolio investors (FPIs). The turnover, however, dropped by 22 percent to $7.48 billion in March, and further nosedived by 36 percent to $4.6 billion in April. Hence, the 11 percent decline in monthly turnover in May suggests continued slowdown in dollar inflow from FPIs.

Financial Vanguard analysis of weekly turnover in the window in May showed that $365.6 million was traded in the first two days of the first week of May. Turnover rose by 109 percent to $764.99 million in the second week and up by 109 percent to $1.6 billion in the third week. The turnover, however, nosedived in the fourth week  by 47 percent to $850.68 million. The downward trend continued in the fifth week of May when  turnover fell further by  35 percent to $550.46 million. However, the naira remained relatively stable in the I&E window in May, recording marginal depreciation of 11 kobo with the indicative exchange rate for the window  losing the month at N360.74 per dollar, up from N360.63 per dollar at the end of April.

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