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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 Nigerian local currency, the naira, gained value at the foreign exchange market due to the strength of available US dollars on the supply side.
The South African rand continued to firm against the US dollar as macro data influenced market expectations ahead of the Federal Reserve’s interest rate decision.
The Nigerian naira pulled back against the US dollar (USD), Euro (EUR), British pound (GBP), and Japanese Yen
South African Rand Firmer as Markets Anticipate US to Keep Rates The South African rand…
The Nigerian naira appreciated to N1,343 against the US dollar on Tuesday, as the currency continued to gain momentum in the foreign exchange market.
South African Rand Weakens Ahead of Bonds Auction South African rand weakened marginally on Tuesday…