Prime Business Africa
The dollar traded at N1,487.01/$1 in the parallel market on Wednesday, December 17, indicating the naira neither depreciated nor appreciated against the United States currency.
On Tuesday, December 16, the black market foreign exchange rate aggregator, Naira Rates, reported that the American greenback had traded at N1.487.01 per dollar.
Join our WhatsApp ChannelThere were no changes in the foreign exchange rates for the pound and the euro as well, as the British currency traded at N2,204.4 kobo per £1, and the European currency exchanged for N1,853.7 per €1 in the parallel market.
In the Nigerian foreign exchange market (NFEM), also known as the official window, the foreign exchange rate for the United States dollar (USD) closed at N1,457/$1 on Tuesday, representing an increase of N3.
According to the official window data provided by the Central Bank of Nigeria (CBN), the USD rate had increased from the N1,454 per dollar recorded on Monday, December 15, indicating the naira depreciated by 0.2 percent.
The data also showed that the dollar was traded as high as N1,458.99 kobo per USD and as low as N1,452/$1 in the official window.
The naira also depreciated against the pound by 0.53 percent as the exchange rate for the British currency increased by N10.33 kobo to N1,953.64 kobo/£1 on Tuesday, from the N1,943.31 kobo/£1 on Monday.
CBN also reported that the exchange rate for the euro increased by N8.34 kobo to N1,713.49 kobo/£1 on Tuesday, from N1,705.15 kobo per €1 posted on Monday, indicating the Nigerian currency depreciated by 0.48 percent.
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