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On the black market, the value of the Naira dropped from N1,410 per dollar on Monday to N1,415 per dollar on Tuesday.
Consequently, the rate differential between NAFEM and the parallel market dropped from N55.79 per dollar on Monday to N1.57.
The nation’s financial watchdog stated certain entities manipulated the value of the naira and the exchange rate through the usage of P2P networks.
Emomotimi Agama, the recently appointed SEC DG, verified that the government was working on a new set of regulations to control the cryptocurrency industry.
The U.S. dollar index, which measures the greenback’s strength against the Japanese yen, Euro, British pound sterling, and three other major peers, rose by 0.14% to 105.5 index points, adding to Tuesday’s 0.3% advance.
Despite last week’s Non-Farm Payroll (NFP) data falling short of expectations, the price action indicates that the US dollar is likely to find support this week.
The dollar has continued its upward trend despite a weaker-than-expected jobs report and Federal Reserve officials’ attempts to allay talks of a rate hike.
Although the U.S. central bank has reinforced expectations that rates would likely drop by year’s end, investors are still closely monitoring it and the timing of Fed rate cuts, which will likely impact currency movements and further strengthen the greenback against most currencies, including the naira.
On Monday, additional Federal Reserve members reiterated statements made by Federal Reserve Chair Jerome Powell on Wednesday about the ongoing improbability of rate increases.
Interest rates will be lowered “eventually” by the central bank, according to New York Fed President John Williams, but he did not specify when.
Thomas Barkin, a top Fed official, also stated that the current interest rate environment is sufficiently restrained to cool the U.S. economy and return inflation to the central bank’s target of 2%. This week’s economic schedule is light, with the University of Michigan’s consumer sentiment index on Friday serving as the focal point.
