Browsing: FX

The naira depreciated sharply at the Nigerian autonomous foreign exchange market (NAFEM) due to a deepening FX liquidity shortage and higher spot rate pricing.

Post election trading pattern saw the US dollar strengthening against its major trading partners in the forex markets early Tuesday ahead of the release of consumer sentiment reading, the first for November, and New York Federal Reserve’s inflation expectations report for October.

The naira dropped week on week in the foreign exchange market on various contending market dynamics.

CBN ACTION: The amount of US dollar sold to authorised dealer banks via foreign exchange market auctions fell by about 30% month on month

The future of the naira looks bleak under the current administration as the authority appears to have given preference to growing the nation’s external reserves

The Nigerian naira appreciated in the official window as foreign reserves surged to approximately $40 billion

US Dollar Falls Ahead of Election, Fed Rates The US dollar fell against its major trading partners early Monday as…

The Central Bank of Nigeria (CBN) defended the naira with $30 million in FX sales to authorised dealer banks at a lower spot rate.   The amount has again

The naira strengthened against the US dollar in the official foreign exchange (FX) market as the gross balance in Nigeria’s foreign reserves

The Central Bank of Nigeria (CBN) sold $148 million to authorised local deposit money banks to boost foreign currency liquidity and defend the naira.