Prime Business Africa
In the black market on Thursday, the United States dollar (USD) traded at N1,390.78 kobo per $1, the same foreign exchange (FX) rate reported on Wednesday, according to parallel market aggregator, Naira Rates.
Also, the pound and the euro traded flat in the black market, as the British currency exchanged at N1,909.99 kobo per £1 and the European currency traded at N1,659.99 kobo per €1 in the black market.
Join our WhatsApp ChannelTraders in the Nigerian foreign exchange market (NFEM) recorded a N0.32 kobo increase in the official foreign exchange rate for the dollar on Thursday.
According to the Central Bank of Nigeria (CBN), the official FX rate for the United States currency had increased slightly to N1,370.88 kobo per USD, above the N1,370.56 kobo per dollar reported the previous day.
Also, the dollar rate’s highest level during trading in the NFEM was N1,372 kobo per USD, while the lowest rate was N1,369 kobo per dollar, before closing at N1,371 kobo per USD.
In addition, the pound exchanged at N1,850.70 kobo per £1 during trading in the NFEM, also known as the official window, on Thursday, compared to the previous day’s N1,852.32 kobo per £1, representing a decline of N1.62 kobo.
Similarly, the euro depreciated in value by N2.22 kobo after trading at N1,602.39 kobo per €1 in the official window, compared to the N1,604.61 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.
