Prime Business Africa
In the black market on Monday, the foreign exchange (FX) traders exchanged the United States dollar (USD) at N1,390.78 kobo per $1, according to the parallel market aggregator, Naira Rates.
According to the data released by the aggregator, the FX rate for the United States currency remained unchanged from the rate the American greenback traded on Friday.
Join our WhatsApp ChannelThe aggregator also reported that the black market traders did not record any changes in the FX rate for the pound, after the British currency traded at N1,909.99 kobo per £1, the same price offered on Friday.
The naira extended its stability against the dollar and the pound to the euro in the black market, where the European currency was traded at Friday’s FX rate of N1,659.99 kobo per €1.
However, there was a N2.66 kobo increase in the FX rate for the dollar in the Nigerian foreign exchange market (NFEM), as the official USD on Monday was N1,373.7 kobo per $1, up from the N1,371.04 per $1 reported on Friday.
Data obtained from the Central Bank of Nigeria (CBN) showed that the highest rate the dollar was offered in the NFEM was N1,374.5 kobo per USD and the lowest it was traded was N1,370/$1 before closing at N1,373.50 kobo per $1.
Also, the FX rate for the pound increased marginally by N9.05 during trading in the NFEM, also known as the official window, rising from the N1,829.94 kobo per £1 reported on Friday to N1,838.99 kobo per £1 on Monday.
However, the euro’s official window exchange rate took a different path, after decreasing to N1,599.91 kobo per €1, compared to Friday’s N1,594.48 kobo per €1, representing a N5.43 kobo decline.
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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.
