Prime Business Africa
The United States dollar (USD) depreciated in value on Friday, April 10, by N4.01, while the naira appreciated in value by 0.28 percent in the black market after the foreign exchange (FX) rate fell below N1,400 per $1.
According to black market aggregator, Naira Rates, the United States currency was traded at N1,397.79 kobo per dollar, falling below the N1,401.8 kobo per USD reported on Thursday, April 9.
Join our WhatsApp ChannelAlso, the pound neither appreciated or depreciated in the black market on Friday, after foreign exchange traders exchanged the British currency at N1,919.99 kobo per £1, which is the same rate reported on Thursday.
In the same vein, traders did not record a decline or increase in the foreign exchange rate for the euro, as the value of the European currency stood at the same price reported on Thursday, which was N1,641 per €1.
With the dollar trading over N1,300 due to the devaluation of the naira by President Bola Tinubu, Atiku Abubakar, the former vice president, on Friday, said the policy is part of the reason poverty is rising in Nigeria.
“Poverty is rising at an alarming rate under the administration of President Bola Ahmed Tinubu,” Atiku said.
“With over 60% of Nigerians now living below the poverty line, up from about 40% just a few years ago, this is not reform—it is regression on a monumental scale.”
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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.
