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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 naira regained value at the Nigerian foreign exchange market (NFEM) on Wednesday as improved hard currency liquidity reduced pressures from surging FX demand for international payments and settlements.
The Nigerian naira dived across Nigerian foreign exchange markets against the US dollar, reflecting increased demand for offshore payments and other settlements.
The naira drifted against the US dollar at the official window on Friday, reflecting a momentary shift in foreign currency liquidity amid a surge in demand.
South African Rand momentum eased against Western currencies as US-Iran clashes reverse market optimism. The United States and Iran exchanged fire on Thursday in the most serious test yet of their month-long ceasefire, but Iran said the situation returned to normal.
Naira Gains 4.42% in 4 Months as FX Reforms Hold The naira gains 4.42% in…
The Nigerian local currency, the naira, rallied across the currency markets on Thursday, driven by improved FX liquidity. In its daily FX report, the Central Bank reported that the spot FX rate rose by ₦1.49 to N1355.85 against the U.S. Dollar.