Prime Business Africa
Traders in the black market paid N1,444.88 kobo for a dollar on Thursday, February 12, compared to the N1,441 per $1 reported on Wednesday, February 11.
The value of the United States dollar (USD) increased by N3.88 kobo, while that of the naira depreciated by 0.26 percent in the parallel market.
Join our WhatsApp ChannelAccording to the black market aggregator, Naira Rates, the foreign exchange rate for the pound remained static, trading at N1,989.99 kobo per £1.
However, the FX rate for the euro was N1,727 per €1, indicating the cost of the British currency increased slightly by N1 from the N1,726 per €1 recorded on Wednesday.
Also, the Central Bank of Nigeria’s (CBN) portal for the Nigerian foreign exchange market (NFEM), disclosed that N1,353.65 kobo per USD was the official NFEM rate on Thursday.
The NFEM, also known as the official window, reported that the official rate rose from the N1,348.95 kobo per dollar recorded the previous day.
This represents a N4.7 kobo increase in the official FX rate for the dollar, and a 0.34 percent appreciation in the value of the Nigerian currency.
However, during trading in the official window, the dollar traded as high as N1,357 per USD and as low as N1,350 per $1, before closing at N1,355 per dollar.
Also, the pound was exchanged at N1,848.95 kobo per £1 in the official market, compared to the previous day’s N1,839.42 kobo per £1, reflecting an increase of N9.53 kobo or 0.51 percent.
In the same vein, the euro appreciated against the naira by N8.56 kobo or 0.53 percent to N1,608.09 per €1 in the official window, rising from the N1,599.53 kobo per €1 reported the day before.
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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.
