- Ethereum Tumbles as Rising Fed Rate Hike Odds Trigger Crypto Selloff
- African Currencies Mixed as Dollar Posts Strongest Week Since October
- Cardano Lost 8% as Hoskinson Says He Never Promised Price Gains
- Pi Network Loses 12% as Top Cryptocurrencies Tumble
- Fitch Affirms Namibia at ‘BB-’ with Stable Outlook
- XRP Plunges by 10% to $0.9146 on Aggressive Selloffs
- ICPC to Publish Recovered Assets, Owners, Status
- Nigerian Exchange Surges by N2.2trn to N163.80trn, Return Tops 62%
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 (NGN) exchange rate strengthened to N1,335 per US dollar (USD)at the Nigerian foreign exchange market (NFEM) on Tuesday, reflecting a strong supply versus demand level.
In the official foreign exchange market, the naira appreciated to N1,347 per dollar on Monday, reflecting the absence of significant pressures from international payments.
British Pound Halts Swings Ahead of UK Data British Pound or Sterling stabilizes at $1.36…
The euro hovered around $1.1850 on Monday, staying close to a four-year peak above $1.20 reached in late January, supported by signals that the European Central Bank (ECB) is largely comfortable with the currency’s recent strength.
Naira Opens Strong, Markets Anticipate Stability The naira opened strong on Monday after a previous…
The naira declined against the US dollar as significant demand for foreign payments slowed the local currency momentum at the Nigerian foreign exchange market (NFEM).