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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 softened against the dominant US dollar at the Nigerian Foreign Exchange Market
The naira tumbled against the US dollar as interbank FX turnover fell by 50% at the Nigerian foreign exchange market (NFEM) on Friday,
The gap between the official and parallel market exchange rates, or FX spread, widened to N45 per US dollar
The US dollar climbed to its highest level in a year on Thursday after the Federal Reserve
The South African rand dipped against Western currencies following a spike in the headline inflation rate to 4.5%
The naira fell against the US dollar to N1360 at the official window as FX liquidity has declined sharply