Naira Steadies at N1,329 as Reserves Hit $54.60bn
The naira on Wednesday maintained a relatively steady rate against the dollar in the official foreign exchange (FX) market as read more Naira steadies at N1,329 as reserves hit $54.60bn
The naira held at approximately N1,329 per dollar in the official FX market, indicating limited near-term volatility. Foreign reserves rose to $54.60 billion, which strengthens the central bank's capacity to defend the currency and meet import and debt obligations. Sustained reserve accretion could support gradual exchange-rate stability, though the parallel market spread and oil-price dependence remain key risks.
Filed Under
What did you make of this
Sign in to react and save stories. Reading is always free.
Be the first to comment
Sign in to join the conversation. Reading is always free.
Related Reports & Analysis
Hawkish US Fed Tempers Naira's Bullish Outlook
The recent 25-basis-point rate increase and hawkish forward guidance issued by the U.S. Federal Reserve have exerted upward pressure on the US dollar, thereby limiting near-term bullish sentiment in the Nigerian Naira. The post Hawkish US F
Naira Devaluation Boosts Foreign Units' Earnings for Nigerian Banks, Fitch
The sharp depreciation of the naira between 2023 and 2024 significantly increased the contribution of foreign subsidiaries to the earnings and asset base of Nigerian banking groups, according to a new report by Fitch Ratings. The post Naira
US Rate Hike Threatens Naira as Investors Eye Safer Dollars
The US Federal Reserve’s decision to raise interest rates by 25 basis points could increase pressure on emerging markets as investors reassess the returns available from dollar-denominated assets. The post US rate hike threatens naira as
Kenya’s forex reserves rebound to $15.25bn after 3-week slide
The reserves, up from 14.88 billion dollars on Sept. 3, now cover 6.3 months of imports, compared with 6.1 months a week earlier, the central bank said in its weekly bulletin released Friday.