Prime Business Africa
The official foreign exchange (FX) rate for the United States dollar (USD) decreased marginally to N1,378.43 kobo per USD on Thursday in the Nigerian foreign exchange market (NFEM).
Dollar: USD Trades As High As N1,380/$1
According to the Central Bank of Nigeria (CBN), the official FX rate increased by N0.63 kobo from the N1,379.06 per $1 recorded in the NFEM during trading on Wednesday.
The United States currency exchanged at N1,379.25 kobo per dollar at the close of trading in the NFEM, after trading as high as N1,380 per USD and as low as N1,376.5 kobo per $1.
Join our WhatsApp ChannelPound: Naira Dips 0.33% Against British Currency
The foreign currency traders exchanged the pound at N1,846.15 kobo per £1 in the NFEM, also known as the official window, compared to the N1,839.97 kobo per £1 reported the day before.
This represents a N6.18 kobo increase in the foreign exchange rate of the pound, while it weakens the naira by 0.33 percent against the British currency, according to analysis of the CBN’s NFEM portal.
Euro: Official Window Records N4 Increase In British Currency FX Rate
The value of the euro increased in the official window by N4.1 kobo, after the FX traders offered the European currency at N1,575.52 kobo per £1.
This led to the naira depreciating by 0.26 percent against the euro during trading in the NFEM, as the European currency was traded at N1,571.42 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.
