Sri Lanka and Nigeria report shifting currency and reserve trends

In Sri Lanka, the rupee has seen continued depreciation against the US dollar. Commercial banks reported selling rates reaching approximately Rs. 335, with various institutions like NDB Bank and Sampath Bank showing slight increases in both buying and selling rates compared to previous sessions. Meanwhile, bond yields in the Sri Lankan market showed a slight decline.

In Nigeria, the Central Bank of Nigeria (CBN) reported that foreign reserves have risen to $55 billion, marking the strongest external position in 18 years. CBN Governor Olayemi Cardoso attributed this growth to recent policy measures and noted increased stability in the foreign exchange market.

Despite the reserve growth, the naira has experienced fluctuations. In the official Nigerian foreign exchange market (NFEM), the naira eased to approximately N1,329 per US dollar amid a liquidity squeeze and a drop in US dollar turnover. In the parallel market, the exchange rate remained relatively stable, with the US dollar trading at around N1,375 for buying and N1,385 for selling.