Prime Business Africa
The foreign exchange (FX) rate of the United States dollar (USD) increased marginally to N1,421.9 kobo per $1 on Friday, January 23, in the Nigerian foreign exchange market (NFEM), also known as the official window.
It was gathered that the exchange rate increased by N0.4 kobo from the N1,421.5 kobo per dollar reported on Thursday, January 22, representing a 0.02 percent decline in the value of the naira.
Join our WhatsApp ChannelAlso, during trading, the American greenback traded as high as N1,423.5 per USD in the official window, and exchanged at a low of N1,420 per $1 before closing at N1,421.9 kobo per dollar.
According to the official widow data obtained from the Central Bank of Nigeria (CBN), the exchange rate for the pound increased to N1,923.49 kobo per £1.
The rate for the British currency increased by N15.61 kobo from the N1,907.88 kobo per £1 recorded the previous day, indicating the Nigerian currency depreciated by 0.81 percent.
Also, the apex bank disclosed that the euro’s exchange rate increased by N3.61 kobo to N1,668.97 kobo per €1 in the Nigerian foreign exchange market.
During trading the previous day, the European currency had traded at N1,665.36 kobo per €1, reflecting the naira depreciated by 0.21 percent against the euro.
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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.
