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MarketNews
South African Rand (ZAR) weakened against trading pairs in the forex market on Thursday as global commodity prices fell amid a stronger US dollar.
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 Central Bank of Nigeria (CBN) repriced the 364-day Treasury bill rate at the midweek auction to 15.89%, with total subscriptions exceeding N1 trillion.
The naira slid by ₦1.30 to ₦1,363.85 at the Nigerian foreign exchange market …
The rand is firmer against crosses, including the dollar (USD), the Euro (EUR) , and the British pound (GBP),
The overnight lending rate dropped slightly as financial system liquidity conditions
The Nigerian naira firmed to ₦1,362.5543 per US dollar at the official window on Tuesday, as forex supply eclipsed international payment requests.
Deposit Money Banks (DMBs), foreign portfolio investors (FPIs) chased Nigerian OMO bills with total subscription of N2.2 trillion, surpassing the offer size.
The money market has been flooded with a significant surge in liquidity amidst the latest open market operation auction, where the Central Bank auctioned OMO bills worth N600 billion for subscription.