Prime Business Africa
The naira weakened against the dollar in the parallel market, also known as the black market, on Tuesday, March 31, according to Naira Rates, the foreign exchange (FX) rates aggregator.
It was gathered that the value of the United States dollar (USD) increased by N2.86 kobo in the black market, while the value of the Nigerian currency depreciated by 0.2 percent.
Join our WhatsApp ChannelData provided by the aggregator, showed that the foreign exchange rate for the dollar was N1,425.85 kobo per USD during trading in the parallel market, which is below the N1,422.99 kobo reported on Monday, March 30.
While the naira weakened against the dollar, the Nigerian currency maintained its position against the pound in the black market, the foreign exchange rate for the British currency was put at N1,919.99 kobo per £1, same rate reported the previous day.
In the same vein, the price for the euro did not change on Tuesday, as the European currency was traded in the black market at N1,641 per €1, according to the aggregator.
The mixed fortunes of the naira in the parallel market comes at a period the Central Bank of Nigeria (CBN) directed all international money transfer operators (IMTOs) to route all remittance transactions through naira settlement accounts.
The directive, issued on March 24, will force IMTOs to pay recipients of diaspora remittances in naira from May, bringing an end to dollar payments to Nigerians within Nigeria.
For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: [email protected] and [email protected]
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.
