Prime Business Africa
The official United States dollar (USD) was traded at N1,379.68 kobo per USD in the Nigerian foreign exchange market (NFEM), also known as the official window, on Tuesday.
Dollar: USD Depreciates Against Naira By 0.28%
Over N3.94 kobo was deducted from the foreign exchange (FX) rate for the dollar as the United States currency was exchanged at N1,383.62 kobo per $1 in the official window on Monday.
According to the NFEM data obtained from the Central Bank of Nigeria (CBN), the reduction in the USD rate indicates the naira appreciated against the dollar by 0.28 percent on Tuesday.
Join our WhatsApp ChannelThe highest rate offered for the American greenback during trading was N1,384 per $1, while the lowest the dollar was priced was N1,370 per USD, before closing at N1,376 per $1.
Pound: Naira Strengthens After Traders Reduce Rate For British Currency
The pound was traded downward to N1,824.38 kobo per £1 during trading in the official window on Tuesday, as foreign currency traders dropped the FX rate for the British currency by N6.6 kobo.
According to the central bank, the pound had traded at N1,830.98 kobo per £1 on Monday, and with the decline in the FX rate, the naira appreciated against the British currency by 0.36 percent.
Euro: European Currency Trades Downward To N1,572/€
The naira appreciated against the euro by 0.32 percent in the official window on Tuesday, as the European currency was traded at N1,572.40 kobo per €1.
It was gathered that the foreign exchange rate for the euro was reduced by N5.05 from the N1,577.45 kobo per €1 reported on Monday.
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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.
