Tag
DOLLAR
The naira maintained its strong foot in the black market while the dollar eased further as traders bet that the Federal Reserve was done with its interest rate hikes, although anticipation of key nonfarm payroll data kept the naira bulls' gain in check.
The naira's outlook improved amid reports that the CBN is poised to fulfill its forward FX obligation, along with a recent dovish statement from the U.S. Fed which elevated positive perceptions in the Nigeria’s foreign exchange market.
The Nigerian naira has once again surpassed a key black market resistance level, settling at N1,170 against the greenback, as the US Fed prepares to announce its interest rate decision later today.
The Nigerian naira appreciated against the dollar on Friday, October 27, 2023, closing at N7.89.94/$1.
The naira within a span of hours appreciated by N166 to the dollar in the P2P market, as currency traders re-evaluate their strategies.
The intraday high recorded was N891/$1, while the intraday low was N730/$1, representing a spread of N161/$1.
The past week has been unpleasant for Africa's largest economy's currency as the naira hit a fresh low in the official market.
The exchange rate between the naira and dollar strengthened to N790.68 at the close of trading on Wednesday, October 18, 2023.
The naira was trading at N1008/$ in the p2p market early on Monday as traders re-examined the forex market amid crisis in the Middle East.
King Dollar creates a new headache for Mr. Yemi Cardoso, the new chief of the CBN, as the Nigerian foreign exchange market becomes more vulnerable despite the CBN effort to stabilize the naira.
The Crypto market is still riding on bullish reversal trend despite an uptick in the dollar and regulatory delays on a Bitcoin spot ETF.
There are mounting concerns that the widening disparity between the dollar and naira may be triggering a new wave of forex round tripping.