Prime Business Africa
The black market recorded N1,419.83 kobo per $1 as the foreign exchange (FX) rate for the United States dollar (USD) on Thursday, March 12.
The USD rate decreased by N6.17 kobo or 0.43 percent from the N1,426 per $1 recorded in the black market on Wednesday, March 11.
Join our WhatsApp ChannelAlso, the pound depreciated in the black market, according to Naira Rates, the parallel market’s aggregator, which reported the British currency traded at N1,949.99 kobo per £1 on Thursday.
During trading the day before, the pound had exchanged at N1,926.14 kobo per £1, indicating the British currency depreciated by N23.85 kobo or 1.23 percent.
In the same vein, the naira appreciated against the euro in the parallel market, with both currencies trading at N1,684.99 kobo per €1, below Wednesday’s N1,647.7 kobo per €1.
This represents a decline of N37.29 kobo in the FX rate for the euro, and a 2.26 percent appreciation in the value of the naira.
In the Nigerian foreign exchange market (NFEM), the Central Bank of Nigeria (CBN) said the official dollar rate for Thursday was N1,371.50 kobo per $1.
According to the CBN’s data on the NFEM, also known as the official window, the dollar rate decreased by N4.69 kobo or 0.34 percent from the N1,376.19 kobo per USD reported on Wednesday.
Also, the data showed that the value of the dollar rose as high as N1,390 per USD, and as low as N1,362 per $1, but eventually settled at N1,370 per USD.
The NFEM FX rate tracker also reported that the pound depreciated against the naira, as the FX rate for the British currency dropped by N10.67 kobo or 0.57 percent to N1,834.13 kobo per £1, from N1,844.80 kobo per £1.
In the official window data, it was gathered that the FX rate for the euro dropped to N1,581.31 kobo per €1 on Thursday, below the N1,594.01 per €1 recorded on Wednesday.
This indicates the naira became stronger by 0.79 percent against the euro, while the FX rate for the European currency declined by N12.7 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.
