Prime Business Africa
There was no changes in the foreign exchange (FX) rate of the United States dollar (USD) in the black market on Thursday, April 16, as the USD traded at N1,393.78 kobo per $1, same rate recorded on Wednesday, April 15.
Also, the pound neither appreciated or depreciated against the naira in the black market, after parallel market traders exchanged the British currency at N1,919.99 kobo per £1 during trading.
Join our WhatsApp ChannelIn the same vein, the black market traders did not record a decline or increase in the value of the euro, as the European currency traded at N1,641 per €1, which is the same foreign exchange rate reported on Wednesday.
In the Nigerian foreign exchange market(NFEM), the dollar traded downward, from N1,343.74 kobo per $1 reported the previous day to N1,342.30 kobo per USD on Thursday.
The foreign exchange rate for the dollar decreased by N1.44 kobo in the NFEM, also known as the official window, while the naira appreciated against the USD by 0.1 percent.
It was gathered that, during trading in the official window, the United States currency traded as high as N1,344 per dollar, and as low as N1,340 per $1, before closing at N1,341.01 per dollar.
Also, the foreign exchange rate for the pound dropped by N5.2 kobo in the official market, as the British currency traded at N1,818.68 kobo per £1 on Thursday, compared to the previous day’s N1,823.88 kobo per £1.
In addition, the euro depreciated in value against the naira by 0.25 percent or N3.97 kobo in the official window, trading at N1,580.51 kobo per €1, against the N1,584.48 kobo per €1 reported during trading on Wednesday.
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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.
