Prime Business Africa
On Tuesday, January 6, the foreign exchange rate for the United States dollar (USD) decreased by N17 or 1.18 percent to N1,416 on the Nigerian foreign exchange market (NFEM).
According to data obtained from the Central Bank of Nigeria (CBN), the dollar rate increased from the N1,433 per dollar recorded on Monday, January 5.
Join our WhatsApp ChannelThe NFEM, also known as the official window, reported that the dollar was traded as high as N1,426 per USD and as low as N1,414 per $1, but eventually closed at N1,416/$.
Traders of the British currency, the pound, exchanged the legal tender at N1,916.62 kobo per £1, compared to the previous day’s N1,919.60 kobo/£1.
This represents a N2.98 kobo decline in the foreign exchange for the pound, as the naira appreciated by 0.15 percent.
In the same vein, the euro traded down at N1,659.72 kobo per €1, decreasing by N7.12 kobo or 0.42 percent from the N1,666.84 kobo per €1 reported the day before.
Also, in the black market, the dollar depreciated slightly by N2 or 0.13 percent to N1,477 per USD, compared to the N1,479/$1 recorded on Monday.
For the pound, it continued to trade at N2,204.4 kobo per £1 in the parallel market, while the euro rate also remained at N1,753.5 kobo per €1.
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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.
