Prime Business Africa
The foreign exchange (FX) rate for the United States dollar (USD) was N1,431.13 kobo per $1 on Tuesday, March 10, rising from N1,421 per $1 recorded on Monday, March 6.
However, the pound and the euro traded flat at N1,926.14 kobo per £1 and N1,647.7 kobo per €1, respectively, in the black market.
Join our WhatsApp ChannelIn addition, the official dollar rate decreased to N1,401.40 kobo per USD in the Nigerian foreign exchange market (NFEM), from N1,405.62 kobo per $1.
According to the Central Bank of Nigeria (CBN), the FX rate for the American greenback rose as high as N1,415.5 kobo per dollar, and as low as N1,381 per USD, but eventually closed at N1,390.5 kobo per $1.
During trading in the NFEM, also known as the official window, the pound traded at N1,885.05 per £1, compared to the N1,862.39 kobo per £1 recorded the previous day.
Also, the euro was exchanged at N1,630.92 kobo per £1 in the official window, exceeding the N1,611.55 kobo per €1 reported on Monday.
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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.
