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FX Market
The naira closed at N1,353.9741 per US dollar in Nigeria’s foreign exchange market on Friday, appreciating from the previous quote of N1,355.8855 as international payment pressures eased.
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 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 depreciated against the US dollar at the Nigerian foreign exchange market amidst rising demand
Naira Dips Near N1,348 on FX Demand, Supply Imbalance The naira dipped near N1,348 against…
The Nigerian naira rose against the crosses in the official market on Tuesday, reflecting improved FX conditions
Naira Softens as FX Demand Eclipses US Dollar Liquidity The Naira depreciated slightly at the…
The Central Bank of Nigeria (CBN) sold $950 million to banks and other authorised dealers in the foreign exchange market last week to address the liquidity gap and strengthen the local currency.
Naira exchange rates strengthened 116 pips, or 1.16% week-on-week, against the US dollar