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FX Market
The Nigerian naira closed relatively flat at N1,328 per US dollar in the foreign exchange market
South African Rand momentum eased against Western currencies as US-Iran clashes reverse market optimism. The United States and Iran exchanged fire on Thursday in the most serious test yet of their month-long ceasefire, but Iran said the situation returned to normal.
Naira Gains 4.42% in 4 Months as FX Reforms Hold The naira gains 4.42% in…
The Nigerian local currency, the naira, rallied across the currency markets on Thursday, driven by improved FX liquidity. In its daily FX report, the Central Bank reported that the spot FX rate rose by ₦1.49 to N1355.85 against the U.S. Dollar.
The naira rebounded in the Nigerian Foreign Exchange Market (NFEM), appreciating by a significant 67 basis points (bps) against the U.S. Dollar.
The naira dropped against the US dollar at the Nigerian Foreign Exchange market (NFEM) on Tuesday on increased demand for foreign payments.
The South African rand weakened against the dollar to R16.80 but held steady against the euro at R19.63 and the pound at R22.70, First National Bank (FNB) said in its brief on Tuesday.