Prime Business Africa
The black market recorded a N17.99 kobo increase in the foreign exchange (FX) rate of the United States dollar (USD) on Monday, February 2.
During trading, the American greenback exchanged for N1,454.99 kobo per dollar, above the N1,437 per $1 it traded on Friday, January 30, indicating the naira depreciated by 1.25 percent.
Join our WhatsApp ChannelAlso, the pound traded upward in the black market, according to the Naira Rates, the parallel market rate aggregator, exchanging at N2,064.99 kobo.
However, on Friday, the British currency had traded at N2,034.99 kobo per £1, representing a N30 increase in the FX rate for the pound and a 1.47 percent decline in the value of the naira.
Also, there was a slight change in the FX rate for the euro, which traded at N1,747 per €1, compared to the N1,746 per €1 recorded on Friday, reflecting an increase of N1.
In the official window, also known as the Nigerian foreign exchange market (NFEM), the value of the USD increased by N5 to N1,396 per dollar at the close of trading on Monday.
The official market’s foreign exchange rate for the dollar had increased from the N1,391 per $1 reported on Friday, indicating the naira depreciated by 0.35 percent.
According to the NFEM data obtained from the Central Bank of Nigeria (CBN), the dollar traded as high as N1,381 per USD, and as low as N1,384.5 kobo per $1, while the official market rate for the day was N1,390.36 kobo per $1.
The data also showed that the pound exchange rate decreased by N6.72 kobo to N1,898.82 kobo per £1 in the official window.
On Friday, the British currency had traded at N1,905.54 kobo per £1 in the official window, which means the Nigerian currency appreciated by 0.35 percent.
Also, the naira appreciated against the euro in the official market by 0.46 percent after the foreign exchange rate for the European currency dropped by N7.7 kobo.
It was gathered that the euro had traded at N1,643.92 kobo per €1, below the N1,651.62 kobo per €1 reported during trading on Friday.
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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.
