Prime Business Africa
On Thursday, January 29, the naira recorded its strongest performance against the United States dollar (USD) after the foreign exchange rate closed at N1,385 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 for the dollar had closed at N1,394 per USD on Wednesday, January 28.
Join our WhatsApp ChannelFurther breakdown showed that the dollar rate depreciated by N9 as the naira appreciated by 0.64 percent in NFEM, also known as the official window.
Prime Business Africa gathered that Wednesday was the first time the dollar traded below N1,400 since May 2024.
During trading on Thursday, the value of the American greenback increased to N1,400 per dollar, the highest FX rate for the day, and dropped to N1,367 per $1, the lowest rate, before closing at N1,385/$1.
However, the official dollar rate for the day was N1,396.99 per USD, according to the CBN.
Additionally, the NFEM data showed that the value of the pound increased to N1,931.34 kobo per £1, from the N1,929.30 kobo/£1 recorded the previous day.
This represents a N2.04 increase in the foreign exchange for the British currency, while the naira depreciated by 0.10 percent.
However, the exchange rate for the euro decreased slightly to N1,671.18 kobo per €1 in the official window, as the value of the naira increased by 0.22 percent.
The European currency’s rate dropped by N3.75 kobo, as the euro had traded at N1,674.93 kobo per €1 on Wednesday.
According to Naira Rates, the black market rate aggregator, the USD also depreciated by N5.99 kobo in the parallel market to N1,478 per dollar.
It was gathered that the dollar rate declined from the N1,483.99 kobo per USD reported the previous day, leading to the naira appreciating by 0.40 percent.
However, both the British and European currencies traded flat at N2,034.99 kobo per £1 and N1,753.5 kobo per €1, respectively, in the black market.
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