Prime Business Africa
The black market traders recorded a N3.21 kobo decline in the foreign exchange (FX) rate for the United States dollar (USD), which slightly increased to N1,417.34 kobo per $1 on Friday, March 6.
On Thursday, March 5, the foreign exchange was N1,414.13 kobo per $1, indicating the naira depreciated against the dollar by 0.22 percent.
Join our WhatsApp ChannelThe traders in the Nigerian foreign exchange market (NFEM) recorded a N5.81 kobo increase in the price of the dollar, which was offered at an official rate of N1,393.25 kobo per $1, rising from the N1,387.44 kobo per USD recorded the previous day.
This was disclosed by the Central Bank of Nigeria (CBN) in its daily FX rate monitor in the NFEM, also known as the official window.
The data released by the CBN also showed that the dollar was priced as high as N1,404 per dollar, and as low as N1,398/$1, but eventually closed at the same rate.
Traders in the black market, however, saw the pound trade flat at N1,929.99 kobo per £1, which was the same rate recorded the day before, while the rate for the British currency increased by N7.61 kobo in the official window.
The pound was traded at N1,859.32 kobo per £1 in the official window, exceeding the N1,851.71 kobo per £1 recorded on Thursday, indicating the naira depreciated by 0.41 percent against the British currency.
Also, the euro appreciated against the naira in the black market by N11.01 or 0.67 percent, after trading at N1,651 per €1, compared to the N1,639.99 kobo per €1 recorded the day before.
Similarly, the FX rate for the European currency increased in the official window, from N1,609.27 kobo per €1 to N1,610.86 kobo per €1, representing an increase of N1.59 kobo.
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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.
