Prime Business Africa
Naira depreciated in value by 0.24 percent against the United States dollar (USD) on Wednesday, after foreign currency traders exchanged the official USD at N1,379.06 per $1 in the official window.
Dollar: Traders Drop USD Rate By N3
The foreign exchange (FX) rate for the dollar was increased by N3.32 kobo from the N1,375.74 kobo the United States currency was offered during trading on Tuesday in the official window.
However, the dollar closed at N1,379 per USD, while the highest rate the American greenback traded was N1,387 per $1 and the lowest rate was N1,376 per dollar, according to the Central Bank of Nigeria’s (CBN) official window portal.
Join our WhatsApp ChannelPound: Naira Gains Against British Currency
The pound was offered at N1,839.97 kobo per £1 by the foreign currency traders in the official market, also known as the Nigerian foreign exchange market (NFEM), indicating the FX rate for the British currency was rwduced by N0.93 kobo.
According to the official window portal, the FX rate for the pound was decreased from the N1,840.90 kobo per £1 recorded on Tuesday, resulting in the naira appreciating by 0.05 percent on Wednesday.
Euro: FX Traders Reduce European Currency Rate
The euro was also traded downward by the foreign currency traders on Wednesday, as they reduced the foreign exchange rate for the European currency by N1.31 kobo in the official window.
CBN NFEM portal showed that the pound was traded at N1571.42 kobo per £1 during trading, above the N1,572.73 kobo per €1 the European currency was traded the previous day.
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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.
