Naira Up Against Euro, South Africa Rand, Sterling Rally
The naira traded mixed in the foreign exchange (FX) market with some wins and losses against bellwether economies currencies highly in demand for foreign payments.
Data from the CBN showed the naira gained against the US dollar in the Nigerian Foreign Exchange Market (NFEM). There were also swings in rates for the euro, British pound, and yuan, reflecting demand patterns observed at the official window.
Market players required less of a naira unit to purchase euros and South African rands for international payments, but more local currency was needed to buy sterling, CFA, and Japanese yen in the forex market.
According to data from the official FX platform, the CBN sold sterling at N2115.2573 in the official window on Tuesday as the naira depreciated from N2106 from Friday close, the last data provided by the authority.
The euro was quoted at N1808.8976 in the official window, as against N1829.4355 sold in the forex market on Friday close. The naira appreciated against the South African rand also, closing at N84.6527 per ZAR, from N84.7143 in the previous close as demand pressures eased.
The naira gained N5.53 to close at N1,598.95 per US dollar following additional FX interventions by the authority.
The naira appreciated against the Swiss franc to N1954.23 from N1977, suggesting demand for Swiss-related payments declined over the day. But the CFA strengthened against the naira to close at N2.7842 from N2.7862 on Tuesday. # FX Quote: Naira Up against Euro, South Africa Rand, Sterling Rally
