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FX Market
The South African rand traded relatively stable against the US dollar, euro, and British pound as investors continue to assess developments surrounding the reopening of the Strait of Hormuz while digesting softer US inflation data.
The Nigerian naira extended its momentum against the US dollar in the official foreign exchange market, driven by robust FX liquidity and easing demand for international payments.
The Nigerian naira strengthened against Western currencies, including the US dollar, at the foreign exchange market on Wednesday despite an increase in international payments.
The naira rose against the US dollar at the Nigeria foreign exchange market (NFEM) window on Tuesday
The South African rand is trading relatively stable against the US dollar, euro, and British pound
The Naira depreciated against the US Dollar by about 0.20% at the Nigerian Foreign Exchange Market
The naira fell by N10 per US dollar in the Nigerian foreign exchange market (NFEM) on a week-on-week basis due to a liquidity shortfall.
The South African rand remained on edge amid hawkish expectations from the US Federal Reserve
The naira hovered around NGN1,380 per dollar at the Nigerian Foreign Exchange Market (NFEM) amidst a 56% surge in interbank FX turnover.