Prime Business Africa
On Wednesday, the United States dollar (USD) traded at N1,390.78 kobo per $1 in the black market, maintaining the same exchange rate reported on Tuesday.
In the Nigerian foreign exchange market (NFEM), the dollar also traded flat at N1,373.34 kobo per USD, compared to the N1,373.87 kobo per $1 reported on Tuesday.
Join our WhatsApp ChannelHowever, the foreign exchange (FX) rate for the dollar closed at N1,372.5 kobo per USD in the NFEM, which was also the lowest rate during trading, the USD’s highest value was N1,374 per $1.
Also, the pound retained its exchange rate in the black market on Tuesday, after foreign exchange traders exchanged the British currency at N1,909.99 kobo per £1 on Wednesday.
However, in the NFEM, also known as the official window, the pound traded upward to N1,839.33 kobo per £1 on Wednesday, rising from the previous day’s N1,838.94 kobo per £1, representing a N0.39 kobo increase.
According to the parallel market aggregator, Naira Rates, the euro was traded at N1,659.99 kobo per €1 in the black market, which is the same exchange rate offered by traders on Tuesday.
While the euro traded flat in the black market, the European currency’s value depreciated by N1.99 kobo, after exchanging at N1,591.94 kobo per €1, below the N1,593.93 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.
