Prime Business Africa
During trading in the black market on Friday, February 27, the foreign exchange (FX) rate for the United States dollar (USD) was N1,382.76 kobo per $1.
According to Naira Rates, the black market aggregator, this is the same FX rate for the American greenback on Thursday, February 26.
Join our WhatsApp ChannelThe situation was different in the Nigerian foreign exchange market (NFEM), where the official dollar rate increased by N7.28 kobo or 0.53 percent to N1,363.39 kobo per USD, from the previous day’s N1,356.11 kobo per $1.
According to the NFEM data obtained from the Central Bank of Nigeria (CBN), the dollar rate eventually closed at N1,368.5 kobo per USD; however, before the closing period, the dollar was traded as high as N1,369 kobo per $1 and as low as N1,345 per USD.
Also, the FX rate for the pound decreased to N1,909.99 kobo per £1 in the black market, from the previous day’s N1,954.99 kobo per £1, indicating a decline of N45 or a 2.30 percent increase in the value of the naira.
The pound also declined in the NFEM, also known as the official window, by N6.73 kobo or 0.36 percent to N1,835.82 kobo per £1 on Friday, down from the N1,842.55 kobo per £1 reported on Thursday.
In addition, the euro traded flat at N1,652 per €1 in the black market, but increased to N1,608.62 kobo per €1 in the official window, from the N1,606.30 kobo per €1 recorded the day before, representing a N2.32 kobo growth in the FX rate for the European currency.
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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.
