Prime Business Africa
The United States dollar (USD) traded downward in the black market on Wednesday, March 25, after exchanging at N1,422.84 kobo per $1, compared to the N1,424.36 kobo per dollar recorded on Tuesday, March 24.
The foreign exchange (FX) rate for the USD declined by N1.52 kobo in the parallel market, with the naira appreciating by 0.10 percent, according to the Naira Rates, the black market aggregator.
Join our WhatsApp ChannelHowever, the pound and the euro continue to trade flat in the black market, exchanging at N1,919.99 kobo per £1 and N1,641 per €1, respectively.
In the Nigerian foreign exchange market (NFEM), an increase of N4.07 was recorded in the FX rate for the dollar, which traded at N1,386.70 kobo per USD, compared to the previous day’s N1,382.63 kobo per $1.
Also, while the dollar rate eventually closed at N1,391 per USD, the value of the American greenback initially rose as high as N1,391.5 kobo per $1, and as low as N1,376 per USD during trading in the NFEM.
It was gathered that the pound also surged in value in the NFEM, also known as the official window, as the FX rate for the British currency rose to N1,855.71 kobo per £1, above the N1,848.18 kobo per £1 reported during trading the day before.
While the FX rate for the pound increased by N7.53 kobo, the value of the euro soared by N5.82 kobo to N1,605.22 kobo per €1, surpassing the N1,599.40 kobo per €1 recorded on Tuesday.
This indicates the naira depreciated against the British currency and the European legal tender in the NFEM, according to data obtained from the Central Bank of Nigeria (CBN).
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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.
