Prime Business Africa
The foreign exchange (FX) rate for the United States dollar (USD) dropped by N5.13 kobo to N1,426 per $1 in the black market, according to Naira Rates, the parallel market price aggregator, on Wednesday, March 11.
According to the price aggregator, the FX rate decreased from N1,431.13 kobo per dollar reported on Tuesday, March 10, indicating the naira appreciated by 0.35 percent in the parallel market.
Join our WhatsApp ChannelIn the Nigerian foreign exchange market (NFEM), the official FX rate for the dollar was N1,376.19 kobo per USD, below the previous day’s N1,401.40 kobo per $1.
This represents a N25.21 kobo decline in the FX rate and 1.79 percent appreciation in the value of the naira in the NFEM, also known as the official window.
According to the NFEM data provided by the Central Bank of Nigeria (CBN), the highest rate for the day was N1,388 per dollar, while the lowest rate was N1,373 per USD, the same rate the American greenback closed at.
For the pound, the naira continues to stand its ground against the British currency in the black market, as both currencies exchanged at N1,926.14 kobo per £1, the same rate reported the day before.
However, in the NFEM, the value of the naira depreciated against the pound by 2.13 percent as the British currency traded down at N1,844.80 kobo per £1.
This indicates official market traders increased the price of the pound by N40.25 kobo from the N1,885.05 per £1 reported the day before.
Also, the euro traded flat at N1,647.7 kobo per €1 in the black market.
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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.
