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FX Market
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 Nigerian naira falls for the fourth consecutive trading session in the foreign exchange market, as the Central Bank’s large US dollar purchases signal a move to curb a strong local currency.
The U.S. dollar (USD) fell against its major trading partners in the forex market, halting the greenback’s successive recovery amidst reaction to the Supreme Court tariff ruling.
While the market claims the naira exchange rate has decoupled from oil prices, analysts say the ongoing crude rally is positive for a firmer local currency.
The naira dropped at the official window, settling at N1346 per dollar as the rally slowed down after early momentum. For three consecutive trading sessions, the local currency has been pulling back due to increased demand for the US dollar in the currency market.
Exchange Rate Falls over High Demand for Dollar The naira exchange rate depreciated at the…
The naira exchange rate dropped further at the Apex Bank’s official FX window due to increasing demand for foreign payments by eligible market participants.