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FX Market
South African rand (ZAR) trades strongly against the US dollar and other Western…
The naira appreciated to N1,349 to the US dollar at the Nigerian foreign exchange market (NFEM) as the local currency extended its rally on Monday.
The naira extends its year-to-date rally, supported by sufficient foreign-currency liquidity in the official window, according to trading data from the Central Bank of Nigeria (CBN).
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 Nigerian naira strengthened against Western currencies, including the US dollar, at the foreign exchange market on Wednesday despite an increase in international payments.