Prime Business Africa
On Thursday, the official foreign exchange (FX) rate for the United States dollar (USD) increased by N1.77 kobo in the Nigerian foreign exchange market (NFEM), leading to the naira depreciating by 0.12 percent against the USD. The naira fell 0.12% against the US dollar on Thursday but strengthened against the pound and euro in the Nigerian Foreign Exchange Market, NFEM.
Dollar rate rose N1.77 to N1,363.82/$1 from N1,362.05/$1 on Wednesday, Prime Business Africa (PBA) analysis of Central Bank of Nigeria data shows.
Dollar: Naira Down 0.12% As Rate Hits N1,363.82/$1
The greenback closed Thursday at N1,365.4/$1 in the official window. It traded between N1,362/$1 and N1,365.5/$1 during the session.
Join our WhatsApp ChannelPound: Naira Up 0.29% After Rate Drops N5.41
The pound fell to N1,820.58/£1 on Thursday from N1,825.99/£1 a day earlier. The N5.41 drop handed the naira a 0.29% gain against the British currency.
Euro: Naira Gains 0.15% As Rate Slides To N1,572.32/€1
Euro rate declined N2.45 to N1,572.32/€1 on Thursday, compared to N1,574.77/€1 on Wednesday. That lifted the naira 0.15% against the European currency.
Dollar pressure outweighed naira’s gains against the pound and euro in Thursday’s trading, keeping overall FX sentiment mixed.
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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.
