Prime Business Africa
The black market on Tuesday recorded N4.77 kobo jump in the foreign exchange (FX) rate of the United States dollar (USD), as it increased to N1,390.78 kobo per $1, from the N1,386.01 per USD reported on Monday.
According to the parallel market aggregator, Naira Rates, the pound traded at N1,909.99 kobo per £1, while the euro exchanged at N1,667 per €1, with both currencies retaining their rates from the previous day.
Join our WhatsApp ChannelHowever, the United States currency’s official exchange rate in the Nigerian foreign exchange market (NFEM) increased by N2.46 kobo, from N1,373.16 kobo per dollar recorded on Monday to N1,375.62 kobo on Tuesday.
During trading, it was gathered that the dollar rate closed at N1,373 per USD, after rising as high as N1,377.99 kobo per $1 and dropping as low as N1,372.75 kobo per $1.
Also, the foreign exchange rate for the pound decreased by N3.35 Kobo to N1,873.74 kobo per £1 during trading in the NFEM on Tuesday, below the N1,870.39 kobo per £1 reported on Monday.
The NFEM, also known as the official window, recorded N2.89 kobo increase in the FX rate for the euro, as the European currency traded at N1,620.71 kobo per €1 on Tuesday, compared to the N1,617.82 kobo per €1 posted 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.
