Prime Business Africa
The foreign exchange (FX) rate of the United States dollar (USD) decreased to N1,398.79 kobo per $1 in the black market on Tuesday, February 17.
Naira Rates, the black market aggregator, said the price for the USD dropped from N1,444.88 kobo/$1 recorded on Monday, February 16, representing a N46.09 decline in the FX rate and a 3.18 percent appreciation in the value of the naira.
Join our WhatsApp ChannelAlso, the FX rate for the pound fell from the previous day’s N1,989.99 kobo per £1 to N1,939.99 kobo per £1, representing a decrease of N50 and a 2.57 percent appreciation in the value of the Nigerian currency.
In the same vein, the naira appreciated against the euro by 2.14 percent as the FX rate for the European currency dropped to N1,689.99 kobo per €1.
The price for the euro had dropped from N1,727 per €1 recorded the day before, indicating a N37.01 decline.
In addition, the official dollar rate in the Nigerian foreign exchange market (NFEM) dropped by N8.05 or 0.59 percent to N1,335.95 kobo per $1, from the previous day’s N1,344 per USD.
Data provided by the Central Bank of Nigeria (CBN) showed that USD was priced as high as N1,344 per dollar, and as low as N1,318 per $1, before closing at N1,337 per dollar.
The data also revealed that the pound was traded at N1,806.07 per £1, down from the N1,833.34 kobo per £1 reported on Monday, representing a N27.27 kobo or 1.48 percent decline.
Also, the euro depreciated against the naira by 0.9 percent as the FX rate for both currencies dropped by N14.34 kobo, from N1,592.98 kobo per €1 to N1,578.64 kobo per €1.
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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.
