Prime Business Africa
On Thursday, April 2, the black market recorded a N11.03 decline in the price for the United States dollar (USD), which dropped to N1,404.8 kobo per $1, below the N1,415.83 kobo per $1 reported on Wednesday, April 1.
The situation was different for the pound and euro in the black market, according to Naira Rates, the parallel market aggregator, which reported that the British and European currencies traded flat at N1,919.99 kobo per £1 and N1,641 per €1, respectively.
Join our WhatsApp ChannelAlso, according to data from the Central Bank of Nigeria (CBN), the official dollar rate increased to N1,380.79 Kobo per USD in the Nigerian Foreign Exchange Market (NFEM).
The NFEM, also known as the official window, recorded a N2.09 kobo increase in the price of the dollar, as the value of the United States currency rose from the previous day’s N1,378.70 kobo per USD.
During trading in the official window, the CBN data showed that the dollar’s rate hit a high of N1,385 per $1, and a low of N1,373 per USD, before closing at N1,382.75 kobo per USD.
In addition, the value of the pound decreased in the NFEM, depreciating by N11.71 kobo or 0.63 percent to N1,824.19 per £1, compared to the N1,835.90 kobo per £1 reported the day before.
Also, the naira appreciated against the euro by 0.65 percent in the official window, after trading at N1,591.34 per €1 on Thursday, against the previous day’s N1,601.88 kobo per €1.
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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.
