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FX Market
The official exchange rate weakened to near N1,351 as the Naira continued to face selloffs, driven by rising demand for international payments, settlements of offshore liabilities, and offshore repatriations.
The Nigerian naira firmed to ₦1,362.5543 per US dollar at the official window on Tuesday, as forex supply eclipsed international payment requests.
South African rand weakened against crosses in the forex market on Tuesday as global market dynamics continue to favour the dominant currency, the US dollar.
The naira rose against the US dollar at the Nigerian Foreign Exchange Market (NFEM) amidst a 132% surge in forex market turnover, reflecting increased trading activities at the official window.
The naira gained about 4.7% in the last seven months, supported by the Central Bank of Nigeria….
The Nigerian naira dropped slightly to N1368.2232 per US dollar at the official window during the last trading session on Friday, coincidentally the end of July, 2026.
South African rand firmer after US Federal Reserve decision to keep rates weakened the dollar amidst a slowdown in oil price movements in the global commodity market.