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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 rallied against the US dollar at the Nigerian foreign exchange market (NFEM) on Monday, reflecting improved liquidity in the official window. The naira climbed to N1365, according to the daily FX published by the Central Bank of Nigeria, from N1374.94 at last week’s close.
The South African rand weakened against major crosses in the foreign exchange market as investors sought positions in safer global currencies amid geopolitical pressures.
The Kenyan shilling (KES) gained strength against major crosses in the foreign exchange market last week, reflecting the absence of significant pressure on the local currency amidst growing diaspora remittances.
The Nigerian naira gained about N11.80 kobo per US dollar (USD) at the official window in April, closing at N1374.9431, according to daily FX publications released by the Apex Bank.
South African Rand Slips as Fed Keeps Rates, Oil Rises The South African rand slipped…
The naira rose against the US dollar at the Nigeria Foreign Exchange Market (NFEM) amidst a significant surge in interbank turnover, according to daily FX data published by the Central Bank.