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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.
South African rand is trading sideways against the US dollar, the Euro and the British pound
The Nigerian naira strengthened against the top Western currencies: the US dollar (USD), the Euro (EUR)
The Nigerian naira posted gains against the U.S. dollar across both the informal and official foreign exchange
The South African rand was relatively stable versus crosses on Monday as the US dollar
The naira exchange rate closed at N1,331.2027 to the US dollar (USD) at the Nigerian foreign exchange market
FX WATCH: Renewed signs of foreign currency liquidity squeeze dragged the naira down…