Prime Business Africa
The price of United States dollar (USD) increased in the black market to N1,412.99 kobo per $1 on Monday, March 23, from N1,400.8 kobo per $1 on Friday, March 20.
According to data obtained from the Naira Rates, the black market aggregator, the USD rate increased by N12.19 kobo, while the value of the naira depreciated by 0.87 percent.
Join our WhatsApp ChannelHowever, the black market data showed that the pound and the euro neither appreciated nor depreciated against against the naira, as they traded flat at N1,919.99 kobo per £1 and N1,641 per €1, in the parallel market, respectively.
In the official market, also known as the Nigerian foreign exchange market (NFEM), the dollar was traded at N1,388.38 kobo per USD, up from the N1,353.90 kobo per $1 reported on Wednesday, March 18.
The official window operated for only three days last week, from Monday, March 16, to Wednesday, due to a public holiday to mark the Eid-el-Fitr celebration.
The dollar appreciated in value against the naira by N34.48 kobo or 2.54 percent in the official market, according to data obtained from the Central Bank of Nigeria (CBN).
Although the dollar eventually closed at N1,383 per USD, the United States currency traded as high as N1,399 per dollar, and traded as low as N1,380 per $1.
Also, the official foreign exchange (FX) rate for the pound increased by N58.37 kobo or 3.24 percent, rising to N1,859.62 kobo per £1, from the N1,801.25 kobo per £1 reported on Wednesday.
The official market data also showed that the euro was exchanged at N1,608.83 kobo per €1 on Friday, above the N1,555.64 kobo per €1 recorded on Wednesday, indicating a N53.19 kobo increase in the FX rate for the European currency.
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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.
