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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 European single currency, the euro, loses its steeze in the forex market as the Iran war continues to boost demand for the US dollar amid a drive toward safer assets.
The naira showed remarkable strength, appreciating by 0.99% to close at ₦1,344.42 per dollar in the Nigerian Foreign Exchange Market (NFEM). This upward trend reflects a positive shift in currency sentiment within the regulated market, with foreign payments slowing relative to US dollar volume.
Naira Strengthens by N8.46 Against the US Dollar The Naira exchange rate improved versus the…
Naira Climbs as International Payments Ease as Imports Slow The naira strengthened across both exchange…
The British pound (GBPUSD) fell to 1.33 against the US dollar, the lowest since December 2025, as the UK economy
The naira gained on Friday, closing at N1366 per dollar at the official market on Friday from N1371, following the latest round of FX market interventions.