Prime Business Africa
The value of the naira appreciated marginally by 0.05 percent following a N0.75 kobo decrease in the foreign exchange (FX) rate of the United States dollar (USD) in the Nigerian foreign exchange market (NFEM), on Wednesday, January 14.
In an NFEM data provided by the Central Bank of Nigeria (CBN), the USD rate closed at N1,419.5 kobo per dollar, below the N1,420.25 kobo per $1 recorded on Tuesday, January 13.
Join our WhatsApp ChannelCBN reported that the highest the dollar traded was N1,421 kobo per USD, and the lowest the American currency exchanged for is N1,419 per $1.
During trading in the NFEM, also known as the official market, the CBN said the pound settled at N1,910.41 kobo per £1, compared to the N1,913.30 kobo per £1 reported the day before.
Consequently, the value of the naira appreciated by 0.15 percent against the pound, while the foreign exchange rate for the British currency dropped by N2.89 kobo.
The naira also appreciated against the Euro by 0.06 percent after the FX rate for the European currency dropped by N1.12 kobo, from N1,656.01 per €1 to N1,654.89 kobo per €1.
In the black market, Naira Rates, the parallel market aggregator, said the United States currency appreciated in value by 0.20 percent to N1,482.99 kobo per dollar.
According to the aggregator, the USD had closed at N1,479.99 kobo per dollar on Monday, January 12, indicating the foreign exchange rate for the dollar increased by N3.
Also, the pound recorded movement in the foreign exchange rate in the black market, which increased by N5 to N2,034.99 kobo per £1, from the N2,029.99 kobo per £1 recorded on Monday, representing a 0.24 percent decline in the naira.
However, the euro recorded no changes as the European currency traded flat at N1,753.5 per
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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.
