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NAIRA
The naira moderated by 71 basis points in the official market amid increased pressure from the U.S. dollar index, showing improved stability in the unofficial market.
The Governor of the Central Bank, Yemi Cardoso, stated that the country has already experienced the worst of naira volatility regarding foreign exchange.
The naira traded in the N1500 range against the greenback at the parallel market, while the U.S. dollar index rallied to its eight-week high in the broader market.
The naira maintained the N1500 bandwidth against the dollar at the parallel market, while the U.S. dollar index broke higher than 105 index points.
Naira weakened in the official market while Nigeria's headline inflation readings rose to a three-decade high in May, worsening the naira's fortunes in the short term
The foreign exchange (FX) turnover on the Nigerian official market crashed by 75.98%, hitting a three-week low on Thursday.
The naira posted some gains against the greenback as the dollar index moderated significantly while market players awaited America's inflation data and the U.S. Federal Reserve's interest rate decision due later in the day.
The naira exhibited signs of moderate stability as foreign exchange (FX) turnover surged by 138.67% on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.
Euro skidded against the naira in the unofficial market on Monday after French President Emmanuel Macron called a snap election following a defeat in the European Union vote by the far-right.
The devaluation of the Naira has had a positive impact on the exportation of Nigeria’s local products to neighboring countries in West Africa.
Naira posted significant losses against the haven currency at the last reading session of the week as investors increased their buying pressure on the greenback.
Ricardo Salinas Pliego, a Mexican billionaire reacted to the news of the Nigerian naira now becoming worth less than 1 Satoshi, urging his followers to buy more Bitcoin as a hedge against falling fiat currencies.