Browsing: FX Market
The naira declined against the US dollar at the official window on Thursday, marking the seventh consecutive session of depreciation in the local currency.
The U.S. dollar weakened against other major currencies amid geopolitical concerns and trade uncertainties, fuelling negative sentiment.
Slow but steady, the Nigerian local currency, the naira, continues its downward trajectory for the sixth consecutive day, largely driven by FX liquidity shortfall in the official window.
For the fifth trading session, the naira declined against the US dollar amid tightening liquidity, driven by the Apex Bank’s efforts to prevent the local currency from gaining momentum.
The Nigerian naira falls for the fourth consecutive trading session in the foreign exchange market, as the Central Bank’s large US dollar purchases signal a move to curb a strong local currency.
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 Central Bank foreign exchange market…
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.