Prime Business Africa
On Thursday, the value of the naira increased by 0.16 percent in the Nigerian foreign exchange market (NFEM) after the official foreign exchange (FX) rate for the United States dollar (USD) dropped to N1,370.15 kobo per USD.
Dollar: USD Trades As High As N1,373/$
The official foreign exchange rate for the American greenback was reduced by N2.25 kobo by the foreign currency traders from the N1,372.40 kobo they traded the dollar on Wednesday.
The highest FX rate the dollar was traded in the NFEM, also known as the official window, was N1,373 per USD, and the lowest rate was N1,360 per $1, before closing at N1,371.4 kobo per USD.
Join our WhatsApp ChannelPound: British Currency Trades At N1,831/£
FX traders increased the foreign exchange rate for the pound to N1,831.49 kobo per £1 in the official window on Thursday, resulting in the naira depreciating by 0.57 percent against the British currency.
This represents a N10.43 kobo increase in the foreign exchange rate of the British currency, as the official market traders offered N1,821.06 per £1 during trading on Wednesday.
Euro: Traders Raise FX Rate For European Currency By N2
There was an increase of N2.91 kobo in the FX rate for the euro in the official window, where the European currency was traded at N1,567.70 kobo per €1.
According to data obtained from the Central Bank of Nigeria (CBN), the euro was traded at N1,564.79 kobo per €1 the day before, indicating the naira depreciated by 0.18 percent.
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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.
