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FX Market
The naira depreciated strongly against the US dollar in the Nigerian foreign exchange market (NFEM) on Wednesday as pressure on the local currency deepened.
The exchange rate gap in Nigeria’s foreign exchange market has collapsed sharply as the spot rate has maintained a downward trend for 14 consecutive trading sessions.
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The Central Bank of Nigeria (CBN) increased its intervention in the forex market during the week by injecting an $300 million to reduce the naira’s all-week negative fluctuations.
The naira depreciated across the foreign exchange market due to tight liquidity in the official and informal segments of the local currency market.
Naira fell against the US dollar for the 11th consecutive trading session on Wednesday, reflecting a lack of adequate foreign currency liquidity to meet international payments.
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