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Dollar trading in Nigeria's official foreign exchange market fell 22.23 per cent to $2.62 billion in the week ended October 16, with forward contracts plunging 81.14 per cent as spot activity also slowed.
Kenya's Court of Appeal has decided to fast-track the challenge to the nullified Sh204.3 billion sale of government Safaricom shares to Vodacom, preserving the status quo while about $1.557 billion in foreign exchange inflows hangs in the balance.
The official NFEM rate firmed to N1,331.61 to the dollar while street quotes sat around N1,375 to N1,390, leaving a spread that has compressed sharply as reserves climb and central bank FX sales stay low.
The dollar index held near 102.07 and headed for its first weekly decline since mid-September as the 10-year Treasury yield fell about 15 basis points and the euro recovered from a 17-month low.
CBN Governor Olayemi Cardoso says the reforms that boosted diaspora remittances to nearly $1 billion monthly will be replicated to diversify foreign exchange earnings and reduce oil dependence.
The naira held broadly steady around N1,370 to the dollar as stronger reserves, tighter policy and returning portfolio inflows kept the currency within a narrow range.
Nigeria's foreign direct investment fell 92% month-on-month to $11 million in September, highlighting the gap between hot portfolio money and long-term capital commitments.