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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 rebounded in the Nigerian Foreign Exchange Market (NFEM), appreciating by a significant 67 basis points (bps) against the U.S. Dollar.
The naira dropped against the US dollar at the Nigerian Foreign Exchange market (NFEM) on Tuesday on increased demand for foreign payments.
The South African rand weakened against the dollar to R16.80 but held steady against the euro at R19.63 and the pound at R22.70, First National Bank (FNB) said in its brief on Tuesday.
The naira exchange rate climbed to N1365 per dollar at the official market in the absence of significant demand for international payment. The forex market liquidity improved as interbank trading deals spiked, according to data released by the Central Bank.
The naira rallied against the US dollar at the Nigerian foreign exchange market (NFEM) on Monday, reflecting improved liquidity in the official window. The naira climbed to N1365, according to the daily FX published by the Central Bank of Nigeria, from N1374.94 at last week’s close.
The South African rand weakened against major crosses in the foreign exchange market as investors sought positions in safer global currencies amid geopolitical pressures.