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- Naira Depreciates as Nigeria’s FX Reserves Fall Below $55bn
- Afreximbank Commits $75m SME Finance Facility to Development Bank of Nigeria
- CBN Hikes 1-Year Nigerian Treasury Bill Rate to 15.89%
- Equities Investors Lose N293bn in Nigerian Stock Market
- Alternative Bank Appoints Gul Khan as MD/CEO
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 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.
The naira (NGN) exchange rate strengthened to N1,335 per US dollar (USD)at the Nigerian foreign exchange market (NFEM) on Tuesday, reflecting a strong supply versus demand level.