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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 flat against crosses on Monday as a surprise US May jobs report fueled a broad dollar rally and crushed emerging-market currencies.
The naira softened against the US dollar as international payments outweighed FX liquidity at the Nigeria Foreign Exchange Market (NFEM) on Friday, according to an official report from the authority.
The naira mixed on Thursday, slipping against the US dollar (US$) at the Nigeria Foreign Exchange Market (NFEM) as international payments surpassed FX supply.
The naira climbed against the US dollar to 1,373 at the Nigerian Foreign Exchange Market (NFEM) at the close of the trading session on Friday.
The dollar index (DXY) hovered near 99.2 as investors assessed the latest developments in the Middle East and mixed signals over a possible US-Iran agreement that could end the war and reopen the Strait of Hormuz.
The South African rand (ZAR) depreciates against crosses such as the US dollar, Euro, and sterling on Thursday ahead of the Reserve Bank’s interest rate policy decision.