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FX Market
The official exchange rate weakened to near N1,351 as the Naira continued to face selloffs, driven by rising demand for international payments, settlements of offshore liabilities, and offshore repatriations.
The South African rand (ZARUSD) rose to R16.4 per US dollar on Friday, hovering near its highest level since mid-May. The local unit saw a last-minute rally after a sharp fluctuation against crosses this week.
Naira Drops to N1,375/$ as Interbank FX Turnover Crashes Increased demand for the US dollar…
South African rand (ZAR) trades soft against the US dollar, Euro, and British pound on Friday as the gold rally eases amid US-Iran peace deal negotiations.
The Nigerian local currency, naira, climbed against the US dollar at the Nigerian foreign exchange market (NFEM) amid improved hard-currency liquidity.
The naira weakened further across the official and parallel markets on Tuesday. The local unit depreciated by 0.01% to ₦1,373.87 against the US dollar at the Nigerian foreign exchange market (NFEM) window as pressures persisted.
The naira depreciated against the US dollar on Monday at the Central Bank of Nigeria’s Foreign Exchange Market (NFEM) as FX inflow remained stiff.