Prime Business Africa
On Tuesday, the black market traders retained the N1,395.79 kobo per dollar exchange rate for the United States currency, indicating the naira neither depreciated or appreciated in value.
In the same vein, the pound and the euro did not record any changes in their foreign exchange rate in the black market, as both currencies traded at N1,929.99 kobo per £1 and N1,641 per €1, respectively.
Join our WhatsApp ChannelThe situation was different in the Nigerian foreign exchange market (NFEM), where the official exchange rate for the United States dollar (USD) was put at N1,380.70 kobo per $1.
According to the Central Bank of Nigeria (CBN), the NFEM, also known as the official window, recorded a N16.47 kobo or 1.20 percent increase in the dollar exchange rate, which surged from N1,364.23 kobo per USD recorded on Monday.
It was gathered that the exchange rate for the United States currency eventually closed at N1,383 per USD, but not before rising as high as N1,385 per dollar and dropping as low as N1,367.5 Kobo per $1.
There was also an increase in the exchange rate for the pound, as official window traders exchanged the British currency at N1,862.58 kobo per £1, up by N15.54 kobo or 0.84 percent when compared to the N1,847.04 per £1 reported the day before.
The official window traders also saw an increase of N12.72 kobo in the foreign exchange rate for the euro, as the naira depreciated by 0.79 percent against the European currency.
NFEM data obtained from the CBN showed that the euro was traded at N1,614.42 kobo per €1 on Tuesday, compared to the N1,601.70 kobo per €1 official window traders offered the previous day.
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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.
