Prime Business Africa
In the Nigerian foreign exchange market (NFEM) on Monday, the United States dollar (USD) was traded at N1,383.62 kobo per $1, as foreign currency traders increased their offer by N2.69 kobo.
Dollar: USD Rate Increases To N1,383/$
The foreign exchange (FX) rate for the United States currency was increased from N1,380.93 kobo per $1 reported on Friday, leading to the naira depreciating by 0.19 percent in the NFEM.
Data obtained from the Central Bank of Nigeria (CBN) showed that the FX rate for the American greenback eventually closed at N1,385 per $1, after trading as high as N1,390 per $1 and as low as N1,377.5 kobo per USD.
Join our WhatsApp ChannelAlso, the parallel market traders exchanged the United States currency at N1,407 per $1.
Pound: FX Rate For British Currency Rises By N6
About N6.74 kobo was added to the foreign exchange rate of the pound during trading on Monday, after the FX traders traded the British currency at N1,830.98 kobo per £1 in the NFEM.
According to the CBN, the British currency was traded above the N1,824.24 kobo per £1 offered during trading on Friday, indicating the naira plunged in value by 0.36 percent against the pound.
However, about N1,905.63 kobo was offered for a pound in the parallel market on Monday.
Euro: European Currency Trades Flat Against Naira
Traders interested in the euro saw a marginal increase in the foreign exchange rate, after the European currency exchanged for N1,577.45 kobo during trading in the NFEM.
On Friday, the euro was exchanged by the authorised dealers at N1,577 per €1 in the NFEM, also known as the official window, reflecting a N0.45 kobo increase.
In the parallel market on Monday, the euro was traded at N1,647.54 kobo per €1.
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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.
