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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 South African rand is trading slightly firmer against FX majors on Tuesday as broad-based US dollar weakness provided support to emerging-market currencies.
Naira Trades Sideways Against USD as FX Pressure Tempers The naira traded sideways at the…
South African Rand Weakens on Inflation Concerns The South African rand is trading weaker on…
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…