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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 (ZAR) depreciated on Monday, trading at R16.42 against the dollar, R19.25 against the euro, and R22.09 against the pound, according to First National Bank (FNB).
The Nigerian local currency, the naira, maintained its position in the foreign exchange (FX) market against the dominant US dollar on Friday, with the official rate closing at N1,359.
The naira appreciated against the US dollar on Wednesday, trading at N1371 as the Central Bank’s daily FX publication showed a sharp increase in interbank FX deals.
Naira Official Rate Weakens as Foreign Reserves Pull Back The naira’s official rate weakens due…
The dollar index (DXY) moved back below 100 after reaching 100.5 early in the session, as traders assessed the latest developments in the Middle East.
The naira halted two days of depreciation on Wednesday, gaining 0.58% to ₦1,378.70/$ at the official window as foreign payment pressures eased from N1386 per dollar.