Prime Business Africa
Foreign currency traders offered N1,368.26 kobo for a United States dollar (USD) on Monday in the Nigerian foreign exchange market (NFEM), also known as the official window.
The traders dropped the foreign exchange (FX) rate for the dollar from N1,370.19 kobo per USD recorded in the official window on Friday, according to the NFEM portal of the Central Bank of Nigeria (CBN).
Dollar: Naira Appreciates By 0.14% Against US Currency
This represents a N1.93 kobo decline in the foreign exchange rate of the American greenback, and indicates that the value of the naira appreciated by 0.14 percent against the dollar.
Join our WhatsApp ChannelThe NFEM portal showed that while the FX rate eventually closed at N1,371 per USD, the highest rate the United States currency was traded at was N1,371.9 kobo/$1, and the lowest level was N1,366 per dollar.
Pound: British Currency Declines Against Naira
The FX rate for the pound was also reduced by the traders who offered N1,826.24 per £1 in the official window, compared to the N1,829.22 kobo per £1 reported on Friday.
According to the CBN portal, the value of the pound was reduced by N2.98 kobo during trading on Monday, leading to the naira appreciating by 0.16 percent against the British currency.
Euro: Official Window Records N0.23 Kobo Decline In European Currency FX Rate
The euro was traded at N1,562.12 kobo per £1 in the official window on Monday, as foreign traders reduced their offer by N5.64 kobo.
This indicates the value of the naira increased by 0.35 percent against the euro, as the European currency was priced at N1,567.74 kobo per £1 by the foreign currency traders.
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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.
