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- Nigerian Naira Gains 7% Against Euro Year-to-Date in FX Market
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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.
Naira Depreciates for 10-Day Straight, FX Gap Narrows The Nigerian naira weakened against the US…
Naira Touched Intraday High of N1405/$ in FX Market The naira touched an intraday high…
The naira’s purchasing power dropped sharply at the official window as foreign payments initiated exceeded the US dollar liquidity at the currency market.
The flight-to-safety drive from Middle East tensions strengthened the US dollar against trading peers on Monday, forex traders said in a separate note.
The naira traded negatively against the dominant US dollar at the official window all week despite FX intervention sales by the Central Bank of Nigeria (CBN).
The Central Bank of Nigeria (CBN) has made another foreign exchange market intervention this week to address the ongoing depreciation of the naira.