Prime Business Africa
The gap between the black market and official window dollar rates reduces to N19.74 kobo on Friday, from N19.9 kobo on Thursday.
The foreign exchange (FX) rate for the United States dollar (USD) increased to N1,390.78 kobo per $1 on Friday in the black market, according to the parallel market aggregator, Naira Rates.
Join our WhatsApp ChannelIn the same vein, the black market operators traded the pound at N1,909.99 kobo per £1 on Friday, the same exchange rate offered for the British currency during trading on Thursday.
Also, the euro retained its exchange rate recorded on Wednesday, after the black market traders exchanged the European currency at N1,659.99 kobo per €1.
In addition, the official foreign exchange rate for the dollar increased by N0.16 kobo to N1,371.04 per $1 in the Nigerian foreign exchange market (NFEM) on Friday, from the N1,370.88 kobo per USD reported on Thursday.
During trading, the highest rate the dollar was offered was N1,373.9 kobo, while the lowest rate was N1,369 per USD, before closing at N1,372 per $1, according to the Central Bank of Nigeria (CBN).
The pound was priced at N1,829.94 kobo per £1 in the NFEM on Friday, down from the N1,850.70 kobo per £1 reported the previous day, representing a N20.76 kobo decrease.
Also, the euro traded downward to N1,594.48 kobo per €1 in the NFEM, also known as the official window, on Friday, dropping by N7.91 kobo when compared to Thursday’s N1,602.39 kobo per €1.
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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.
