- Nigerian Naira Gains 7% Against Euro Year-to-Date in FX Market
- Nigeria’s Headline Inflation Rate for July Estimated to Ease
- NGX Return Dips to 56% Over Selloffs in BUA, Dangote, Unilever
- BRICS Explores Integration of Instant Payment Systems, Digital Currencies
- Scottish Business Activity Falls Further in July, Employment Rises -Royal Bank
- AVA Capital: Investors in Search for Next Catalyst as Momentum Fades
- XRP Holds Position as Bank of Montreal Discloses Interest
- Binance Coin Tops $610 Ahead of BNB Chain Pasteur Hard Fork
FX Market
The naira exchange rate to the European single currency, the Euro, extended its year-to-date gain to about 7%,
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 South African Rand weakened across the board, trading lower against the US dollar, the Euro and the British pound, on Tuesday as gold, the country’s major export earner, came under pressure.
The dollar index slipped below 98.5 on Monday after briefly rising to 99.3 earlier in the session as demand slowed sharply. The markets reacted to reports that Iran had submitted a new proposal to the US aimed at reopening the Strait of Hormuz and easing tensions.
The euro (EURUSD) climbed to $1.17 on Monday as the US dollar rally slowed amid a new proposal from Iran that could end the Middle East war, while markets awaited economic data releases.
The British pound stabilised above $1.35, recovering from a two-week low, as investors prepare for a week filled with significant economic data and global interest rate decisions while also monitoring US-Iran peace talks.
The naira fell against the US dollar at the official window as pressures from rising international payments eclipsed FX liquidity in the currency market.
The naira dipped against the US dollar at the official window, as data published by the Central Bank of Nigeria (CBN) showed a slump.