Prime Business Africa
At the end of trading on Tuesday, January 27, the foreign exchange (FX) rate for the dollar decreased to N1,409.5 kobo per $1 in the Nigerian foreign exchange market (NFEM).
According to the NFEM data provided by the Central Bank of Nigeria (CBN), the FX rate declined by N7 from the N1,416.5 kobo per $1 reported on Monday, January 26.
Join our WhatsApp ChannelThis indicates the naira depreciated in value by 0.49 percent in the NFEM, which is also known as the official market.
The data showed that the United States dollar’s (USD) highest rate during trading in the official market was N1,415 per $1, and the American greenback traded as low as N1,400 per USD.
Also, during trading in the NFEM, the pound traded at N1,925.15 kobo per £1, surpassing the N1,920.44 kobo per £1 the British currency was traded the day before.
This represents a N4.71 kobo decline in the foreign exchange rate for the pound, as the Nigerian currency appreciated by 0.24 percent against the British legal tender.
In the same vein, the foreign exchange rate for the euro decreased by N10.09 kobo to N1,671.62 kobo per €1 in the official window.
It was gathered that the European currency FX rate dropped from the N1,681.71 kobo per €1 recorded on Monday, as the naira appreciated by 0.59 percent during trading.
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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.
