Tag
NAIRA
The naira made a notable recovery in the official market on September 6, 2024, closing at N1,593.32/$1, marking a 2.89% rebound after three consecutive days of depreciation.
The local currency traded lower against the British pound sterling in the last trading session of this week. The pound was trading at N2,112.8/£1 on the unofficial market.
The haven currency posted mild losses in London’s trading session as renewed concerns over the U.S. economy’s growth outlook weakened its bullish run, while the naira oscillated near the N1650/$ support level.
The exchange rate between the naira and the dollar fell to a six-month low of N1,625.88/$1 on the official NAFEM market on Wednesday, August 4, 2024.
In the final trading session of August on Friday, Naira traded at N1598/$1, indicating a continued drowning considering the N1593 it trades for on Thursday
The Nigerian official foreign exchange (FX) market experienced a marked decline in turnover in August, despite the initial Retail Dutch Auction conducted by the Central Bank of Nigeria (CBN).
The amount of currency outside the banking system in Nigeria decreased to N3.66 trillion in July 2024, marking the second decline this year.
The Nigerian currency began the week on a bearish note as the U.S. dollar index showed strong performance in the global market.
The Naira strengthened against the US dollar during Friday's trading session.
On Friday, August 23rd, the US Federal Reserve Chair, Jay Powell delivered a much awaited speech at the Jackson Hole symposium hinting at a possible interest rate cut in the coming months.
The naira displayed mixed signals against the dollar in Nigerian FX markets on Thursday.
The naira struggled to maintain the N1,600 baseline in the official FX market over the past week, despite the dollar index reaching its lowest point since January.