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U.S. DOLLAR
The haven currency traded near three-month highs to major peers on Wednesday giving the naira little room to maneuver as forex traders pushed back bets for a first Federal Reserve interest rate cut following surprisingly hot U.S. inflation figures overnight.
The dollar remained under pressure on Wednesday after retreating from a nearly three-month high against major currencies, yet the naira failed to take advantage.
The naira failed to take advantage of the greenback's worst month despite growing conviction that the United States central bank was done raising interest rates.
The Naira lost value on Tuesday, trading at N881.88/$1, down from N814.60/$1 on Monday, according to official data from FMDQ.
The dollar held to a 10-month high against a basket of major currencies (Euro, British pound, Japanese Yen, Swedish Krona, Swiss Franc, Canadian dollar) on Thursday, while the naira held to an all-time low on the black market as investors weighed upbeat economic data from the United States and new comments from Federal Reserve officials.
A recent surge in U.S. economic growth has spurred a renewed rally in the dollar, sparking frenetic activity among forex traders.
The exchange rate between the Nigerian Naira and the U.S. Dollar plummeted to a low of N950/$1, down from N972/$1 just a day earlier, according to forex traders who spoke with Nairametrics.
The Nigerian Naira has experienced a decline against the US Dollar on the parallel market due to a surge in demand within the informal sector.
The dollar index struggled to rise on Wednesday after Fitch downgraded the US government's credit rating raising questions about the country's financial outlook, although it received some support from a range of relatively stable economic data.
August 15, 2021, marked the fiftieth anniversary when the former President Richard Nixon announced the cessation of the...
Gold is bullish today and is on track to end the week with its third consecutive weekly gain....
Gold futures is up 1.45%, currently trading at $1,809 after hitting its highest since June 18 at $1,794.86 on Friday.