Prime Business Africa
The naira was relatively stable on Wednesday, December 3, as the foreign exchange (FX) rate for dollar increased marginally by N0.5 kobo on the Nigerian foreign exchange market (NFEM).
According to data obtained from the Central Bank of Nigeria (CBN), the naira exchanged for the dollar at N1,447.5 kobo/$ at the close of trading, falling below the N1,447/$ recorded on Tuesday, December 2.
Join our WhatsApp ChannelThe data also reported that the dollar traded as high as N1,450 per one American greenback, and as low as N1,443.5 kobo/$.
Also, the data showed that the British pound exchanged at N1924.4/£1 on the NFEM, also known as the official window, compared to the previous day’s N1908.9/£1.
This indicates the exchange rate for the British currency increased by N15.5 kobo in the official window, and the naira depreciated by 0.81 percent.
In the same vein, the euro strengthened against the naira, as the exchange rate for the former increased by N9.3 kobo, and the Nigerian currency depreciated by 0.55 percent.
According to the CBN’s data, the European currency exchanged at N1687.9 kobo per €1, compared to the N1678.6/€1 reported on Tuesday.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
