Prime Business Africa
The naira depreciated against the United States dollar (USD) on Friday, December 5, by 0.34 percent as the exchange rate for the foreign currency increased by N5 at the end of trading in the official window.
According to data on the Nigerian foreign exchange market (NFEM), also known as the official window, the foreign exchange rate for the USD increased to N1,454 per dollar, exceeding the N1,449/$ reported on Thursday, December 4.
Join our WhatsApp ChannelAlso, the data, which was obtained from the Central Bank of Nigeria (CBN), showed that the American greenback was traded as high as N1,456 per dollar, and as low as N1,448.29/$ during trading.
In addition, the pound sterling traded at N1,934.78 kobo per £1 in the official window, surpassing the N1,930.29 kobo/£1 reported during trading the previous day.
This indicates the naira also depreciated against the British currency by 0.23 percent, as the foreign exchange rate for the pound sterling increased marginally by N4.49 kobo.
The data also showed that the naira was relatively stable against the euro, as the foreign exchange rate for the European currency increased slightly by N0.42 kobo, from the previous day’s N1688.16 per euro to N1688.58 kobo/€1.
In the parallel market, the exchange rate for the dollar was N1,474/$, for the pound sterling was N2,204.4 per £1, and for the European currency was N1,853.7/€1.
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