Prime Business Africa
The foreign exchange (FX) rate for the United States dollar (USD) was traded at N1,390.78 kobo per $1 in the black market on Tuesday, indicating foreign currency traders retained the exchange rate reported on Monday.
However, the official dollar rate in the Nigerian foreign exchange market (NFEM) was N1,373.87 kobo per $1, compared to the previous day’s N1,373.7 kobo per $1, representing a N0.17 kobo increase.
Join our WhatsApp ChannelAlthough, the Central Bank of Nigeria (CBN) reported that the highest rate for the dollar in the NFEM was N1,374.99 kobo per $1 and the lowest rate was N1,370 kobo during trading, before closing at N1,373.65 kobo per USD.
According to the parallel market aggregator, Naira Rates, the black market traders also retained the FX rate for the pound on Tuesday, after trading the British currency at N1,909.99 kobo per £1.
Also, the pound traded largely flat in the NFEM, known as the official window, as the British currency exchanged at N1,838.94 kobo per £1, compared to the N1,838.99 kobo per £1 reported the day before.
In the same vein, the FX rate for the euro remained unchanged in the black market on Tuesday, as foreign currency traders offered the European currency at N1,659.99 kobo per €1, according to the aggregator.
However, official window traders dropped the foreign exchange rate for the euro to N1,593.93 kobo per €1 on Tuesday, down from the N1,599.91 kobo per €1 recorded on Monday, reflecting a N5.98 kobo decrease.
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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.
