FOREX: Turnover in I&E window faces decline

[OZER]

Falls 10% to $27.59bn in 11 months

By Elizabeth Adegbesan

The volume of dollars (turnover) in the Investors and Exporters (I&E) window May close the year 2021 lower than the 2020 figures going by the figures at the end of November which stood at $27.59 billion, representing a 10 per cent decline from $30.82 billion in the corresponding period of 2020.

The transaction volume ended 2020 at $33 billion, indicated that 2021 short fall is about $5.4 billion as at end November.

Though transaction volume was at record high of $3.95 billion in October, the beginning of the Q4'21, but it crashed by 14 per cent to $3.39 billion in November, dampening the hope for a full year positive figure against 2020.

Vanguard findings from the monthly turnover  data recorded in the FMDQ financial trading platform in 2021 shows that the year started dull at  $906.44 million turnover in January but picked up subsequently, rising by 43 percent to $1.3 billion in February and up again by 15 percent to $1.5 billion  in March.

The first quarter 2021, Q1'21, was, however, the weakest at $3.7 billion, while second quarter, Q2'21, recorded massive surge to $6.64 billion. The Q3''21 also recorded massive increase to $9.91 billion.

Meanwhile, the naira depreciated by N24.82 kobo in the window during the review period.

Data from FMDQ showed that the indicative exchange rate for the window fell to N415.07 per dollar as at November ending from N39025 per dollar on January 1st, 2021.

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rint about 10% of new money every year to have stable inflation (US and every county on earth done it for 100 years) and not get into a deflation spiral. In the last year, there was printed exactly 10% of the money supply of 2020, so in last year the US printed the exact amount of money they should.   

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