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FX Market
The South African rand traded relatively stable against the US dollar, euro, and British pound as investors continue to assess developments surrounding the reopening of the Strait of Hormuz while digesting softer US inflation data.
The Nigerian naira extended its momentum against the US dollar in the official foreign exchange market, driven by robust FX liquidity and easing demand for international payments.
The Nigerian naira strengthened against Western currencies, including the US dollar, at the foreign exchange market on Wednesday despite an increase in international payments.
Nigeria’s foreign exchange market recorded one of its sharpest weekly declines in recent memory
The Nigerian local unit, the naira, lost N9.43 per US dollar at the official window amid sustained FX liquidity shortages and a growing foreign reserves deficit, according to Central Bank data.
Naira Slides on FX Market Liquidity Squeeze, US Dollar Rally Naira fell against the US…
South African Rand Trades Soft on U.S. Dollar Rally The South African rand traded weaker…
The naira exchange rate improved to N1378 per US dollar at the Nigeria Foreign Exchange Market
South African Rand Softens Versus Crosses as Brent Rises The South African rand softened against…