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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.
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.
The naira softened slightly against the US dollar at the Nigerian foreign exchange market (NFEM), where the local currency closed at N1366.7278 on Thursday.