Prime Business Africa
Traders in the black market exchanged the United States dollar (USD) at N1,382.76 kobo per $1 in the black market on Thursday, February 26.
The dollar was traded in the black market at N1,404.8 kobo per $1 on Wednesday, February 25, representing a decrease of N22.04 in the foreign exchange (FX) of the USD.
Join our WhatsApp ChannelWhile the dollar appreciated against the naira by 1.56 percent in the parallel market, it appreciated by 0.27 percent in the Nigerian foreign exchange market (NFEM), where the official USD was exchanged at N1,359.81 kobo per $1.
The price of the American greenback increased by N3.7 kobo from the N1,356.11 kobo per USD recorded in the NFEM, also known as the official market, the previous day.
Also, the dollar traded as high as N1,362.9 kobo per USD and exchanged at N1,356.5 kobo per $1, the lowest FX rate during trading, before closing at N1,361.5 kobo per dollar.
Additionally, there were no changes in the pound’s FX rate in the black market, which traded at N1,954.99 kobo per £1, the same rate reported a day before.
However, the British currency appreciated against the naira in the official market, trading at N1,842.55 kobo per £1, above the N1,834.28 kobo per £1 offered on Wednesday, indicating a N8.27 kobo or 0.45 percent increase.
Also, the black market recorded an increase of N15 in the price of the euro, as it was exchanged at N1,652 kobo per, compared to the previous day’s N1,637 per €1.
Similarly, the euro appreciated in the official market, rising by N8.31 kobo to N1,606.30 kobo per €1, surpassing the N1,597.99 kobo per €1 reported on Wednesday.
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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.
