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DOLLAR
The naira clawed back some of its losses against the dollar amid prospects for rate cuts in the world's largest economy improved, and U.S. core inflation and weaker-than-expected inflation readings in Nigeria.
The dollar consolidated against major peers on Monday as market participants while the naira oscillated near its March 20 lows as traders await a key inflation report to assess the prospects of U.S interest rate cuts this year
The Nigerian currency breached the N1,450 mark against the greenback on the black market amid evolving market dynamics in Nigeria's fragile FX market.
The Nigerian Naira weakened further to N1,410/$ in the unofficial market on Friday afternoon as traders saw an aggravated demand for the dollar by parents and travelers.
In the opening trading session of May at the NAFEM window, the Naira experienced a slight decline, settling at N1,402.67 to the dollar, which is a 0.83% decrease from the previous close of N1,390.96 in April.
Nigeria’s Brass River, Bonny Light, and Qua Iboe are trading above $85 a barrel, a dollar higher than the active Brent contract.
The Naira opened the month of May on a negative note, trading at N1,360/$ at the parallel market, representing a slight decline of 0.74% from the naira-dollar exchange rate seen the previous day.
The Nigerian naira traded near its April low, while the dollar index approached a six-month high as the anticipation of a Federal Reserve meeting kept traders largely biased towards the greenback.
The Nigerian naira continued its downward trend against the US dollar at the official exchange window, closing at N1,309.88 on Thursday, March 25th.
Exchange rate volatility increased in March 2024 as the Naira traded within an exchange rate range of $/N1,300.43 – $/N1,627.40 compared to $/N1,418.78 – $/N1,665.50 recorded in February
A force that the global financial markets were not prepared for in 2024 is already affecting them: The dollar is strong again and seems to be here to stay.
The naira remained above the N1200/$ band in the unofficial market, causing the Nigerian currency to pause its winning streak against the American dollar on a weekly spectrum.