Prime Business Africa
The United States dollar (USD) traded at N1,398.86 kobo per $1 in the black market on Wednesday, compared to the N1,395.79 kobo per USD the parallel market traders exchanged the foreign currency on Tuesday.
Data obtained from the parallel market aggregator, Naira Rates, indicates the foreign exchange (FX) rate for the dollar increased marginally by N3.07, while the naira depreciated by 0.21 percent against the USD.
Join our WhatsApp ChannelHowever, the foreign exchange rate for the pound was retained in the black market, after the British currency traded at N1,929.99 kobo per £1, the same FX rate reported the previous day.
Also, the black market recorded no changes in the foreign exchange rate for the euro, after the parallel market traders exchanged the European currency at N1,641 per €1 on Wednesday.
The official dollar rate, however, declined by N1.24 kobo in the Nigerian foreign exchange market (NFEM), also known as the official window, as the United States currency was exchanged at N1,379.46 Kobo per $1.
During trading, the naira appreciated by 0.08 percent against the USD, as the official dollar rate decreased from the N1,380.70 kobo per $1 reported on Tuesday by the Central Bank of Nigeria (CBN).
Although the foreign exchange rate for the dollar had increased to as high as N1,386 per USD and dropped as low as N1,365 per $1, before closing at N1,370.5 kobo per dollar in the official window.
In addition, the value of the pound decreased by N1.68 kobo in the official window, as the foreign exchange rate for the British currency declined to N1,860.90 kobo per £1, from the N1,862.58 kobo per £1 recorded the day before.
Also, the foreign exchange rate for the euro was reduced by N2.14 kobo to N1,612.28 kobo per €1 by official window traders, who traded the European currency at N1,614.42 kobo per €1 on Tuesday.
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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.
