Prime Business Africa
On Wednesday, the foreign exchange (FX) rate for the United States dollar (USD) increased to N1,391.28 kobo per $1 in the black market, according to the parallel market aggregator, Naira Rates.
The rate for the American greenback increased by N6.52 kobo, when compared to the N1,384.76 kobo per USD reported on Tuesday, while the naira depreciated in value by 0.47 percent against the US currency.
Join our WhatsApp ChannelAccording to the aggregator, the exchange rate for the pound decreased by N10 or 0.52 percent during trading in the parallel market, from the N1,919.99 kobo per £1 reported on Tuesday to N1,909.99 kobo per £1 on Wednesday.
While there were changes in the value of the dollar and the pound, the FX rate for the euro remained unchanged in the black market, as the European currency traded at N1,667 per €1, which is the same exchange rate reported the day before.
In the Nigerian foreign exchange market (NFEM), the United States currency decreased in value by N9.22 kobo, after the official exchange rate dropped to N1,357.33 kobo per dollar.
The NFEM, also known as the official window, had recorded N1,366.55 kobo as the official dollar rate on Tuesday, indicating the naira depreciated by 0.67 percent against the USD.
According to the Central Bank of Nigeria (CBN), the highest dollar rate for the day was N1,365.5 kobo per USD, while the lowest exchange rate was N1,350 per $1, before the official window closed with N1,361 per $1.
Additionally, the CBN reported that the pound recorded N1,846.51 kobo per £1 as exchange rate in the official window on Wednesday, compared to the N1,852.10 kobo per £1 recorded on Tuesday, indicating a N5.59 kobo decline.
Also, the exchange rate for the euro declined gradually by N3.74 kobo in the official window, after the European currency was traded at N1,594.41 kobo per €1, compared to the N1,598.15 kobo per €1 recorded 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.
