Prime Business Africa
The naira held its ground against the United States dollar (USD) on Monday in the Nigerian foreign exchange market (NFEM), after foreign currency traders offered N1,379.65 per $1 as the official USD rate
Dollar: Naira Trades Flat Against USD
According to the NFEM data tracked by the Central Bank of Nigeria (CBN), the foreign exchange (FX) rate for the American greenback was similar to the N1,379.62 kobo the dollar traded on Friday.
The dollar, however, recorded N1,381.5 kobo per USD as the highest rate and N1,378 per $1 as the lowest offer during trading in the NFEM, before settling at N1,380.5 kobo per $1 at the close of trading.
Join our WhatsApp ChannelThe American greenback also traded flat in the parallel market, where foreign exchange traders retained Friday’s offer of N1,402 per USD, according to black market rate aggregator, Naira Rates, on Monday
Pound: Traders Raised FX Rate For British Currency
The foreign currency traders reduced the FX rate for the pound by N2.45 kobo in the NFEM, also known as the official market, after exchanging the British legal tender at N1,847.5 kobo per £1.
CBN NFEM portal showed that the foreign exchange rate for the pound was dropped from the N1,849.95 kobo per £1 reported on Friday, causing the naira to appreciate by 0.13 percent against the British currency.
However, there were no changes in the FX rate for the pound in the parallel market, after the British currency exchanged at N1,905.63 kobo per £1, which is similar to the offer recorded on Friday.
Euro: European Currency Trades Flat In Official, Black Markets
The euro traded largely flat on Monday, selling for N1,575.81 kobo per €1 in the official window, similar to the N1,575.09 per £1 the European currency traded on Friday, according to CBN data.
In the same vein, the naira neither appreciated or depreciated in value against the euro in the parallel market on Monday, after the black market traders exchanged the European currency at N1,647.54 kobo per €1, the same rate offered on Friday.
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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.
