Naira Steadies as Banks Conduct FX Trading on BMatch System
The naira traded steady against the US dollar on the first trading session using the Bloomberg BMatch system due to sufficient FX liquidity to fill orders.
FX spot data revealed that the naira held steady, closing at N1,672.69 per dollar in the official market, reflecting no change from the previous rate. Interbank FX trading was conducted officially through the electronic platform with improved transparency and a solid amount of FX liquidity.
In the parallel market, it ended the day at N1,715 per dollar. “Today, most activity occurred on this platform, and the market had sufficient liquidity to fill some orders”, AIICO Capital Limited said in a note.
FX analysts said the exchange rate was between N1570.27 and N1693.00 per US dollar, and ultimately the USDNGN remained unchanged at N1,672.69 on Monday.
In the global commodities market, oil prices rose, bolstered by positive factory activity in China, the world’s second largest oil consumer. Rising tensions in the Middle East also contributed to the increase, as Israel resumed attacks on Lebanon in violation of a ceasefire agreement.
Brent crude was priced at $72.55 per barrel, while US West Texas Intermediate (WTI) was at approximately $68.68. In contrast, gold prices declined, ending a four-day winning streak.
The decline was attributed to a sharp rally in the US dollar and investors’ anticipation of pivotal economic data and Federal Reserve guidance on interest rates. The price of gold settled at approximately $2,646.50 per ounce. #Naira Steadies as Banks Conduct FX Trading on BMatch System Kenyan Equities Struggle with Inflationary Pressures
