Prime Business Africa
The foreign currency traders exchanged the United States dollar (USD) at N1,380.93 kobo per $1 in the Nigerian foreign exchange market (NFEM) on Friday.
Dollar: Naira Continues To Hold Ground Against USD
According to the Central Bank of Nigeria (CBN), the foreign exchange (FX) rate for the dollar was marginally raised from the N1,380.10 kobo per $1 reported on Thursday, representing a N0.83 kobo increase.
The CBN said the American greenback was also exchanged as high as N1,385.5 kobo per USD and traded as low as N1,376 per $1 during trading, but closed at N1,384 per dollar.
Join our WhatsApp ChannelPound: Again, Naira Depreciates Against British Currency
The pound exchange rate was raised to N1,824.24 kobo per £1 by the foreign currency traders on Friday, up from the N1,818.18 kobo per £1, according to the NFEM data obtained from the apex bank.
It was gathered that the foreign exchange rate for the British currency was increased by N6.06, leading to a 0.33 percent depreciation in the value of the naira against the pound.
Euro: Naira Dips Against European Currency, Sells At N1,577/€1
During trading in the NFEM, also known as the official window, the value of the euro increased to N1,577 per €1, surpassing the N1,566.26 kobo per €1 offered by the FX traders the previous day.
This represents a N10.74 kobo increase in the foreign exchange rate for the euro and a 0.68 percent decline in the value of the naira against the European currency.
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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.
