Prime Business Africa
The United States dollar (USD) traded at N1,366.19 kobo per $1 in the Nigerian foreign exchange market (NFEM) on Friday, February 6, similar to the N1,366.05 per USD recorded on Thursday, February 5.
This was revealed in data obtained from the Central Bank of Nigeria’s (CBN) NFEM portal, also known as the official window.
Join our WhatsApp ChannelThe data showed that the foreign exchange (FX) rate for the USD increased by N0.14 kobo during trading.
However, the dollar rate rose to N1,373 per USD, the highest level of the day, and dropped to N1,361 per $1, the lowest rate, before closing at N1,363 per dollar.
For the pound, the NFEM data showed that the British currency was exchanged at N1,857.07 per £1 during trading, compared to the N1,862.74 kobo per £1 posted the day before.
The FX rate for the pound decreased by N5.67 kobo, and the naira appreciated against the British currency by 0.30 percent.
However, the euro traded relatively flat on Friday after exchanging at N1,611.93 kobo per €1, compared to the N1,611.35 kobo per €1 recorded on Thursday, representing a marginal increase of N0.58 kobo
In the black market, the dollar rate dropped to N1,448.6 kobo per USD, from the N1,457.91 kobo reported on Tuesday, according to the Naira Rates, the parallel market aggregator.
It was gathered that the USD’s exchange rate decreased by N9.31 kobo, and the naira appreciated by 0.63 percent in the black market.
Prime Business Africa notes that the difference between the official window and black market rates is now N82.41 kobo.
In addition, the FX rates of the pound and the euro recorded no changes, as the foreign currencies traded flat at N2,064.99 kobo per £1, and N1,747 per €1, respectively.
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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.
