Prime Business Africa
The Central Bank of Nigeria (CBN) portal for the Nigerian foreign exchange market (NFEM) has revealed that the United States dollar (USD) was traded at N1,360.07 per USD on Wednesday.
According to the NFEM portal, the foreign exchange (FX) rate for the American greenback was increased from the N1,357.18 kobo per dollar offered by foreign currency traders on Tuesday.
Dollar: FX Traders Reduce USD Rate By N2
The dollar rate dropped by N2.89 kobo in the NFEM, also known as the official window, while the naira depreciated in value against the United States currency at 0.21 percent.
Join our WhatsApp ChannelDuring trading in the official window, the foreign currency traders exchanged the dollar as high as N1,361.5 kobo per USD, and traded it as low as N1,357/$1, leaving the FX rate at N1,361.5 kobo per USD at the close of trading.
Pound: British Currency Strengthens Against Naira By 0.24%
The price for the pound was also increased during trading by N4.42 kobo in the official window, indicating the naira weakened by 0.24 percent against the British currency on Wednesday.
CBN portal showed that the pound was traded at N1,824.13 kobo per £1 in the official window, compared to the N1,819.71 kobo per £1 recorded during trading the previous day.
Euro: Naira Depreciates Against European Currency
Also, the euro was offered at a higher price of N1,577.37 kobo per €1 in the official window on Wednesday, compared to the N1,573.20 kobo per €1 reported on Tuesday.
The FX currency traders added N4.17 kobo to the foreign exchange rate of the euro, leading to the value of the naira dropping by 0.26 percent against the European currency 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.
