Prime Business Africa
In the Nigerian foreign exchange market (NFEM), also known as the official window, on Friday, the United States dollar (USD) was traded at N1,375.45 kobo per $1 by foreign currency traders.
The foreign exchange (FX) rate for the dollar increased marginally by N3.15 kobo or 0.22 percent from the N1,372.3 kobo per USD offered by foreign currency traders on Thursday,
Join our WhatsApp ChannelAccording to the Central Bank of Nigeria (CBN), the official window’s highest dollar rate for the day was N1,377.9 kobo per USD and the lowest rate recorded was N1,374 per dollar, before closing at N1,375.
In addition, the official window traders exchanged the pound at N1,849.04 per £1 in the NFEM on Friday, compared to the N1,839.59 kobo per £1 recorded during trading the previous day.
This represents a N9.45 kobo increase in the foreign exchange rate for the pound, while the naira depreciated by 0.51 percent against the British currency during trading.
Also, the foreign exchange rate for the euro increased to N1,596.46 kobo per €1 on Friday, from the N1,590.19 kobo the official window traders offered for the European currency on Thursday.
Consequently, the value of the naira against the euro depreciated by 0.39 percent during trading in the NFEM, as the FX rate for the European currency increased by N6.27 kobo.
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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.
