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Naira Stable In The Unofficial Market, U.S. Dollar Index Hits 9-Week Low

8 months ago
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Naira Stable In The Unofficial Market, U.S. Dollar Index Hits 9-Week Low

The naira oscillated around the N1570-1575/$ range at the black market in the early hours of Saturday in Nigeria’s business capital.

Increased market confidence has resulted from the Central Bank of Nigeria’s (CBN) reforms, aimed at closing gaps and boosting foreign inflows.

The outlook is still mixed, even though the government has taken steps to maintain a robust supply side by selling U.S. dollars to Nigerian banks and granting informal currency traders access to foreign exchange at the official rate.

Comercio Partners recently disclosed that the worst-case scenario for the naira in the first half of 2025 will likely be the N1,700/$ baseline.

Dollar Index Dips to 9-Week Low

The dollar index posted a weekly decline amid a delay in the U.S.-planned trade tariffs. The safe-haven currency lost momentum after President Donald Trump expressed optimism that things might not be as dire as anticipated and that a peace agreement between Russia and Ukraine could be reached.

  • Additionally, the dollar index dropped to a nine-week low as traders increased their bets that the Federal Reserve would lower interest rates twice this year after data revealed that retail sales for January declined more than anticipated. Markets bet that tariff headwinds won’t be as damaging, and excitement grew over a possible ceasefire between Russia and Ukraine.
  • Trump asked his economic team to plan reciprocal tariffs on all U.S. taxing nations. The Trump-led administration will reach out to each impacted nation, according to Howard Lutnick, Trump’s choice for commerce secretary, who also stated that research on the matter would be finished by April 1.
  • Additionally, Treasury Secretary Scott Bessent stated on Friday that the Trump administration would investigate currency manipulation, beyond tariffs and non-tariff barriers. Tariffs may increase inflation and support the dollar’s strength as the Fed maintains higher interest rates.

Furthermore, Trump announced on Friday that he intends to begin imposing duties on imported automobiles on April 2.

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Hopes for a peace agreement between Russia and Ukraine helped the euro and other European currencies.

The Fed’s favored inflation indicator, the core Personal Consumption Expenditures Price Index, is expected to be lower later this month than originally anticipated, according to U.S. producer pricing data for January, which was followed by Friday’s retail sales data.

Trump called Ukrainian President Volodymyr Zelensky and Russian President Vladimir Putin to discuss the situation in Ukraine.

CBN Cautions Nigerian Banks on ATM Transaction Fees

Meanwhile, the CBN underlined that ATM fees for on-site and off-site withdrawals from other banks are based on the assumption that users can withdraw a maximum of N20,000 per transaction.

  • The Nigerian Apex Bank highlighted that banks can charge less depending on their cost structure and business model.
  • Nigerian banks and other financial institutions cannot charge more than the fees specified in the circular, as the charges and surcharges are capped. However, a bank’s cost structure and commercial development ambitions may allow them to charge less.
  • The CBN encouraged clients to withdraw cash at the ATMs operated by their banks to avoid additional fees.

The Nigerian Central Bank also urged users to explore other payment methods, such as POS terminals, mobile banking apps, and other digital payment channels.

Source: nairametrics
Via: norvanreports
Tags: Naira Stable In The Unofficial MarketU.S. Dollar Index Hits 9-Week Low

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