Prime Business Africa
The black market traders saw an increase in the foreign exchange (FX) rate for the United States dollar (USD) on Tuesday, as the American greenback was traded at N1,384.76 kobo per USD.
Based on the black market data provided by the parallel market aggregator, Naira Rates, the exchange rate increased by N4.77 kobo when compared to the N1,379.99 kobo per USD recorded on Monday.
Join our WhatsApp ChannelThe aggregator also reported that the pound traded at N1,919.99 kobo per £1 in the black market on Tuesday, maintaining the same exchange rate offered for the British currency during trading the previous day.
Also, the euro neither decreased nor increased in value against the naira in the black market, according to the aggregator, as FX traders exchanged the European currency at N1,667 per €1.
In addition, the official dollar rate in the Nigerian foreign exchange market (NFEM) was N1,366.55 kobo per USD on Tuesday, according to the Central Bank of Nigeria (CBN) data.
The NFEM data showed that the foreign exchange rate for the United States currency increased by N1.31 kobo when compared to the N1,365.24 kobo per dollar reported on Tuesday.
While the dollar rate eventually closed at N1,362 per USD, the highest value recorded during trading by the United States currency was N1,370.5 kobo per $1 and the lowest rate recorded was N1,362 per USD.
Also, traders in NFEM recorded a N1.53 kobo increase in the foreign exchange rate for the pound, which was traded at N1,852.10 kobo per £1 on Tuesday, compared to the previous day’s N1,850.57 kobo per £1.
The euro, however, traded largely flat in the NFEM, also known as the official window, on Tuesday, as traders exchanged the European currency at N1,598.15 kobo per €1, compared to the N1,598.37 kobo per €1 reported the day before.
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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.
