Prime Business Africa
The official foreign exchange (FX) rate for the United States dollar (USD) decreased further on Tuesday to N1,361.04 per $1 in the Nigerian foreign exchange market (NFEM).
According to data covering the NFEM released by the Central Bank of Nigeria (CBN), the dollar traded below the N1,366.79 kobo per USD recorded on Monday, representing a N5.75 kobo or 0.42 percent decline.
Join our WhatsApp ChannelThe data showed that the United States currency recorded N1,365 per dollar as the highest FX rate during trading and N1,359.5 kobo per USD as the lowest foreign exchange rate, before closing at N1,360.22 kobo per dollar.
In addition, the foreign currency traders exchanged the pound at N1,832.52 kobo per £1 in the NFEM, also known as the official window, on Tuesday.
The foreign exchange rate for the pound decreased by N0.09 when compared to the N1,832.61 kobo per £1, indicating the British currency traded largely flat during trading.
However, the story was different for the euro, which the foreign currency traders exchanged at N1,583.81 kobo per €1 on Tuesday in the official window.
The euro depreciated by N2.15 kobo or 0.13 percent in value against the naira, compared to the N1,585.96 kobo per €1 the European currency was traded on Monday in the official window.
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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.
