Prime Business Africa
The value of the United States dollar (USD) dropped to N1,413.82 kobo per $1 on Friday, March 13, in the black market, from the N1,419.83 kobo per $1 recorded on Thursday, March 12.
According to data obtained from the Naira Rates, the parallel market, the USD rate dropped by N6.01, while the naira appreciated by 0.42 percent.
Join our WhatsApp ChannelHowever, the pound and the euro traded flat in the black market on Friday, as the British and European currencies exchanged at N1,949.99 kobo per £1 and N1,684.99 kobo per €1, respectively, which are the same rate reported on Thursday.
In the Nigerian foreign exchange market (NFEM), the official foreign exchange (FX) rate for the USD was N1,366.23 kobo per $1 on Friday, against the N1,371.50 kobo per $1 recorded the day before.
The dollar rate in the NFEM, also known as the official window, decreased by N5.27 kobo, while the value of the naira appreciated by 0.38 percent.
In the NFEM data provided by the Central Bank of Nigeria (CBN), the dollar rate rose as high as N1,374 per USD and as low as N1,362 per $1, but closed at N1,363.5 kobo per $1.
Also, the naira appreciated against the pound by 1.18 percent as the exchange rate for the British currency dropped by N21.81 kobo in the official window.
The pound traded downward to N1,812.32 kobo per £1 in the official window, below the previous day’s N1,834.13 kobo per £1.
In addition, the exchange rate for the euro dropped by N13.86 kobo to N1,567.45 kobo on Friday in the official window, from N1,581.31 kobo per €1 reported on Thursday.
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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.
