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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 posted fresh gains after a rebound against major currencies, including the US dollar (USD), the Euro (EUR), and the British pound (GBP).
Naira Surges to N1,356 as NFEM Interbank Turnover Climbs The Nigerian local currency, the naira,…
The South African rand (ZAR) depreciated on Monday, trading at R16.42 against the dollar, R19.25 against the euro, and R22.09 against the pound, according to First National Bank (FNB).
The Nigerian local currency, the naira, maintained its position in the foreign exchange (FX) market against the dominant US dollar on Friday, with the official rate closing at N1,359.
The naira appreciated against the US dollar on Wednesday, trading at N1371 as the Central Bank’s daily FX publication showed a sharp increase in interbank FX deals.
Naira Official Rate Weakens as Foreign Reserves Pull Back The naira’s official rate weakens due…