Prime Business Africa
In the black market on Thursday, April 9, the foreign exchange (FX) rate for the United States dollar (USD) decreased to N1,401.8 kobo, according to Naira Rates, the parallel market aggregator.
The FX rate for the USD declined by N8.01 from the N1,409.81 kobo per $1 recorded on Wednesday, April 8, indicating the naira appreciated against the dollar by 0.56 percent.
Join our WhatsApp ChannelAlso, the pound and the euro continued to trade flat against the naira in the black market, as both foreign currencies were exchanged at N1,919.99 kobo per £1 and N1,641 per €1, respectively.
In the Nigerian foreign exchange market (NFEM), the price of the dollar decreased to N1,359.31 kobo per USD, compared to the previous day’s N1,371.82 kobo per USD.
This indicates the foreign exchange rate for the dollar in the NFEM, also known as the official window, dropped by N12.51 kobo, while the value of the naira depreciated by 0.91 percent.
However, the American greenback traded as high as N1,365 per dollar, and as low as N1,351.5 kobo per USD, before closing at N1,365 per $1, according to NFEM data obtained from the Central Bank of Nigeria (CBN).
In addition, the CBN data showed that the naira appreciated against the euro in the official window, where the European currency exchanged at N1,588.59 kobo per €1, compared to the N1,603.48 kobo per €1 reported on Wednesday.
This represents a N14.89 kobo decline in the value of the European currency and a 0.92 percent increase in the value of the naira in the official window.
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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.
