Prime Business Africa
About N43.54 kobo appreciation was recorded in the price for the United States dollar (USD), which surged to N1,428.53 kobo per $1 in the black market on Tuesday, February 24.
The value of the American greenback had increased from the N1,384.99 kobo per dollar recorded on Monday, February 23, after the naira depreciated by 3.14 percent in the parallel market, according to Naira Rates, the black market rate aggregator.
Join our WhatsApp ChannelAlso, in the Nigerian foreign exchange market (NFEM), known as the official window, the official dollar rate increased by N6.14 kobo to N1,355.37 kobo per USD.
The official NFEM rate dropped from N1,349.23 kobo per dollar after the value of the Nigerian currency increased by 0.45 percent.
The NFEM rate, which was provided by the Central Bank of Nigeria (CBN), had increased as high as N1,362 per USD, and dropped to a low of N1,351.5 kobo per dollar during trading, before closing at N1,359/$1.
In addition, the pound was traded at N1,904.99 kobo per £1 in the black market, indicating a N55 increase in the value of the British currency, which was N1,849.99 kobo per £1 on Monday.
The same movement was noted in the official window, where the pound appreciated in value to N1,827.59 kobo per £1 from the previous day’s N1,821.19 kobo per £1, indicating a N6.4 kobo increase.
The euro was exchanged at N1,637 per €1 on Tuesday, above the N1,622 per €1 recorded on Monday, representing a N15 increase in the price for the European currency.
Also, the naira depreciated against the euro in the official window, as NFEM traders exchanged the British currency at N1,595.77 kobo per €1, up by N4.94 kobo from N1,590.83 kobo per €1 recorded 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.
