Prime Business Africa
The foreign exchange (FX) rate for the United States dollar (USD) appreciated by N1.5 kobo to N1,449/$ on Thursday, December 4, in the Nigerian foreign exchange market (NFEM), also known as the official window.
The USD rate surpassed the N1,447.5 kobo per dollar reported on Wednesday, December 3, indicating the naira depreciated by 0.10 percent in the official window.
Join our WhatsApp ChannelThis was after the American greenback had traded as high as N1,450 per dollar and as low as N1,446/$, according to the NFEM data obtained from the Central Bank of Nigeria (CBN).
Similarly, the naira depreciated by 0.30 percent against the pound sterling during trading, as both currencies exchanged at N1930.29 kobo/£1, compared to the N1924.4/£1 recorded the day before.
This indicates the foreign exchange rate for the British currency increased by N5.89 kobo, however, the FX rate for the euro increased by 0.26 kobo.
The data showed that the naira depreciated marginally by 0.01 percent, as the European currency traded at N1688.16 per euro, slightly below the N1687.9 kobo per €1 reported during trading the previous day.
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