Prime Business Africa
There was a slight decline in the foreign exchange (FX) rate for the United States dollar (USD) in the Nigerian foreign exchange market (NFEM) on Wednesday, as a USD traded at N1,382.18 kobo.
Dollar: USD Records Mixed Fortunes In FX Markets
The United States currency rate dropped by N0.89 kobo when compared to the N1,383.07 per dollar offered by the foreign exchange traders during trading in the NFEM on Tuesday.
Also, the dollar traded as high as N1,384.5 kobo per $1 in the NFEM and as low as N1,379.5 kobo per USD, but eventually closed at N1,383.5 kobo per dollar, according to the Central Bank of Nigeria (CBN).
Join our WhatsApp ChannelIn the black market, the foreign currency traders raised the dollar rate by N1.01 to N1,406 per USD, from the N1,404.99 kobo per USD recorded during trading the previous day, according to the parallel market rate aggregator, Naira Rates.
Pound: British Currency Trades Upward In Official Market
The NFEM traders exchanged the pound at N1,856.01 per £1, compared to the N1,854.31 kobo per £1 recorded during trading on Tuesday, indicating a N1.7 kobo increase.
However, there were no changes in the foreign exchange (FX) rate for the pound in the black market, where the British currency was traded at N1,918.95 kobo per £1.
Euro: Foreign Exchange Traders Sell European Currency At N1,579/€
During trading in the NFEM, also known as the official window, the FX rate for the euro decreased to N1,579.12 kobo per €1, compared to the N1,583.18 kobo per €1 reported the previous day.
The value of the naira appreciated by 0.25 percent against the euro, as the foreign exchange traders dropped the FX rate for the European currency by N4.06 in the official window.
Foreign currency traders in the black market retained the previous day’s asking price, after the European currency exchanged at N1,626.06 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.
