Prime Business Africa
Over N10 was removed from the foreign exchange rate for the United States dollar (USD) in the black market on Wednesday, December 24.
According to Naira Rates, the price for a dollar had depreciated to N1,467.99 kobo per $1, from the N1,477.99 kobo per USD reported on Tuesday, December 23, representing a 0.67 percent appreciation in the value of the naira.
Join our WhatsApp ChannelHowever, the foreign exchange rates for the pound and the euro were stable at N2,204.4 kobo per £1 and N1,753.5 kobo per €1, respectively, indicating the naira maintained its ground against the British and European currencies.
In the Nigerian foreign exchange market (NFEM), also known as the official window, the dollar exchanged at N1,451 per USD, compared to the previous day’s N1,452 per $1.
This indicates the naira appreciated marginally by 0.06 percent and the exchange rate for the American greenback fell by N1.
The NFEM data, provided by the Central Bank of Nigeria (CBN), showed that the United States currency traded as high as N1,455 per dollar and as low as N1,435.01 per USD.
For the exchange rate of the euro, the European currency traded at N1,700.71 kobo per €1, compared to the N1,707.06 per €1 traded the day before.
This represents a N6.35 kobo decline in the exchange rate for the euro, and a 0.37 percent increase in the value of the Nigerian currency.
Also, the pound’s foreign exchange rate dropped by N6.46 kobo to N1,948.89 kobo/£1, from the previous day’s N1,955.35 kobo per £1, representing a 0.33 percent appreciation in the value of the naira.
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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.
