Dollar Weakens As FX Rate Drops To N1,416/$ In Official Window

On Monday, January 26, the United States dollar (USD) was traded at N1,416.5 kobo per $1 at the close of business hours, compared to the N1,421.9 kobo per $1 recorded on Friday, January 23, in the official market.

The foreign exchange (FX) rate for the USD decreased by N5.4 kobo, as the value of the naira depreciated by 0.37 percent in the official window, also known as the Nigerian foreign exchange market (NFEM).

Also, during trading, the USD traded as high as N1,422.5 kobo per $1, and was exchanged for as low as N1,415.1 kobo per dollar, according to the NFEM data provided by the Central Bank of Nigeria (CBN).

The data also showed that the pound depreciated in value to N1,920.44 kobo per £1 in the official market, as Nigeria’s currency appreciated by 0.15 percent.

CBN’s portal showing the currency performance disclosed that the foreign exchange rate for the pound decreased by N3.05 from the N1,923.49 kobo per £1 recorded on Friday.

The data also reported that the Euro’s foreign exchange rate dropped by N12.74 kobo, and the naira appreciated against the European currency by 0.76 percent in the NFEM.

It was gathered that the Euro was traded at N1,681.71 kobo per €1 on Monday, falling below the N1,668.97 kobo per €1 reported on Friday.

In the black market, the dollar rate increased to N1,492 kobo per USD, surpassing the N1,484.99 kobo the United States’ currency was valued at on January 16.

This represents a N7.01 increase in the FX rate for the American greenback, while the naira depreciated against the dollar by 0.47 percent.

However, the pound and the euro traded flat at N2,034.99 kobo per £1 and N1,753.5 kobo per €1, respectively, in the parallel market.