Prime Business Africa
Black market traders saw a N4 increase in the foreign exchange (FX) rate of the United States dollar (USD) on Thursday, as the naira depreciated against the US currency by 0.28 percent, according to the black market aggregator, Naira Rates.
The aggregator said the foreign exchange rate of the dollar increased to N1,399.79 Kobo per USD during trading in the black market, rising above the N1,395.79 kobo per $1 recorded on Wednesday.
Join our WhatsApp ChannelHowever, the black market traders retained the previous day’s exchange rate for the pound and the euro, as both currencies traded at N1,929.99 kobo per £1 and N1,641 per €1, respectively, on Thursday.
In the Nigerian foreign exchange market (NFEM), also known as the official window, the American greenback was officially traded among the traders at N1,374.94 kobo per dollar on Thursday.
The exchange rate decreased by N4.52 kobo during trading in the official window when compared to the N1,379.46 kobo per $1 reported on Wednesday by the Central Bank of Nigeria (CBN).
In a NFEM data obtained from the CBN, it was gathered that N1,378 per $1 was the highest exchange rate recorded for the dollar and N1,370 per USD was the lowest rate reported during trading, before the FX rate closed at N1,374 per $1.
For the pound, official window traders recorded an increase of N3.35 kobo in the exchange rate for the British currency, after it traded at N1,857.55 kobo per £1, compared to the N1,860.90 kobo per £1 reported the previous day.
A decrease of N5.29 kobo was recorded in the foreign exchange rate of the euro in the official window, after traders exchanged the European currency at N1,606.99 kobo per €1 on Thursday, compared to the N1,612.28 kobo per €1 recorded 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.
