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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 dollar index (DXY) moved back below 100 after reaching 100.5 early in the session, as traders assessed the latest developments in the Middle East.
The naira halted two days of depreciation on Wednesday, gaining 0.58% to ₦1,378.70/$ at the official window as foreign payment pressures eased from N1386 per dollar.
Naira Depreciates as Interbank Deals Sink on FX Shortage The naira maintained a downtrend against…
Boosted by rising demand, the US dollar rallied against its trading pairs to its highest positions in about a year, supported by geopolitical tensions and shifting rate expectations.
Naira Falls at Informal FX Segment over Dollar Shortage The naira weakened against the US…
Official, Parallel Markets FX Gap Widens as Naira Swings The naira exchange rate gap between…