Browsing: FX

Naira Climbs as International Payments Ease as Imports Slow The naira strengthened across both exchange channels on Monday, appreciating 0.62%…

The naira gained on Friday, closing at N1366 per dollar at the official market on Friday from N1371, following the latest round of FX market interventions.

Mr Olayemi Cardoso, Governor, Central Bank of Nigeria (CBN), says reforms in Nigeria’s foreign exchange (FX) market have significantly improved liquidity, restored investor confidence and stabilised the Naira.

The single currency of the European countries (the euro) strengthened against the US dollar on Tuesday as oil prices retreated following U.S. President Donald Trump’s remark that the war in Iran would end soon.

The naira depreciated slowly and steadily over 13 consecutive trading sessions at the Nigerian Foreign Exchange Market (NFEM), according to trading data tracked by MarketForces Africa.

The naira exchange rate worsened for 11 consecutive trading sessions in the currency market as pressure from dollar demand persisted amidst soft interventions.

The naira’s purchasing power dropped sharply at the official window as foreign payments initiated exceeded the US dollar liquidity at the currency market.

Slow but steady, the Nigerian local currency, the naira, continues its downward trajectory for the sixth consecutive day, largely driven by FX liquidity shortfall in the official window.

The Nigerian Naira weakened against the US dollar, depreciating by ₦2.15 to close at ₦1,338.10/US$ compared with ₦1,335.95/US$ previously recorded.

The naira (NGN) exchange rate strengthened to N1,335 per US dollar (USD)at the Nigerian foreign exchange market (NFEM) on Tuesday, reflecting a strong supply versus demand level.