Prime Business Africa
At the end of trading on Wednesday, January 21, the naira depreciated by 0.21 percent, leading to the foreign exchange rate for the dollar rising to N1,423 per $1 in the Nigerian foreign exchange market (NFEM).
The foreign exchange rate for the United States currency increased by N3 when compared to the N1,420 per dollar recorded on Tuesday, January 20.
Join our WhatsApp ChannelDuring trading in the NFEM, also known as the official window, the United States dollar (USD) traded as high as N1,423 per $1 and as low as N1,419 per $1.
According to the NFEM data obtained from the Central Bank of Nigeria (CBN), the foreign exchange rate for the pound increased to N1,908.17 kobo per £1.
The pound increased by N0.54 kobo from the N1,907.63 per £1 recorded in the official market the previous day, indicating the naira depreciated by 0.02 percent.
However, the official window data showed the naira depreciated by 0.04 percent against the euro during trading, as the European currency traded at N1,664.89 kobo per €1.
This represents a drop of N0.83 kobo in the value of the European currency, when compared to the N1,665.72 kobo per €1 the euro traded at on Tuesday.
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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.
