Prime Business Africa
The foreign exchange (FX) rate for the United States dollar (USD) was increased by N7.15 kobo to N1,370.45 kobo per USD by the FX traders in the Nigerian foreign exchange market (NFEM) on Friday.
Dollar: Naira Dips By 0.52% Against USD
According to data obtained from the Central Bank of Nigeria (CBN), the dollar rate was increased from the N1,363.30 kobo per $1 recorded on Thursday as the naira depreciated in value by 0.52 kobo against the USD.
The CBN data showed that the dollar rate settled at N1,371.5 kobo per USD at the end of trading in the NFEM, while the highest FX rate for the United States currency was N1,374 per $1 and the lowest was N1,365 per $1.
Join our WhatsApp ChannelPound: Naira Declines In Value
The pound also traded upward in the NFEM, after foreign currency traders exchanged the British currency at N1,814.09 per £1, above the N1,805.03 per £1 recorded the previous day.
According to the CBN data, the FX rate for the pound increased by N9.06 during trading on Friday, resulting in the naira depreciating by 0.50 percent in the NFEM, also known as the official window.
Euro: European Currency Trades Upward To N1,570/€
On Thursday, the euro was traded at N1,564.49 kobo per €1 in the official window, however, during trading on Friday, the traders offered the European currency at N1,570.92 kobo per €1.
Following the N6.43 kobo increase in the foreign exchange rate for the euro, the naira depreciated in value by 0.41 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.
