Prime Business Africa
The official United States dollar (USD) rate was N1,380.18 kobo per $1 on Friday in the Nigerian foreign exchange market (NFEM), according to the Central Bank of Nigeria’s (CBN) trading portal.
Dollar: Naira Records Mixed Fortunes Against USD
The foreign exchange (FX) rate decreased by N1.34 kobo when compared to the N1,381.52 kobo per $1 reported on Thursday during trading in the NFEM, also known as the official window.
However, the rate for the United States currency closed at N1,381.5 kobo per dollar, after trading as high as N1,382 per USD and as low as N1,378 per dollar in the official window.
Join our WhatsApp ChannelThe Naira Rates, the parallel market aggregator, said the FX traders retained the previous day’s N1,401 per USD during trading on Friday, as the naira held its ground against the United States currency.
Pound: Naira Appreciates Against British Currency
The pound was exchanged by foreign currency traders at N1,853.74 kobo per £1 in the official window, indicating they reduced their asking price by N11.75 kobo on Friday
Reducing the foreign exchange rate for the pound from the N1,865.49 kobo per £1 recorded the day before led to the naira appreciating by 0.62 percent against the British currency.
The black market did not record any changes in the value of the pound, after traders offered N1,918.95 kobo per £1, the same foreign exchange rate recorded during trading the previous day.
Euro: Official Window Traders Reduce European Currency Rate
In the official window on Friday, the euro was traded at N1,576.42 kobo per €1, declining from the N1,582.10 kobo per €1 offered by the foreign currency traders during trading the previous day.
The foreign exchange rate for the European currency was dropped by N5.68 kobo, resulting in the naira appreciating in value by 0.35 percent against the euro.
However, the euro traded flat in the black market, according to the parallel market aggregator, after the previous day’s N1,626.06 per €1 was offered by FX traders 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.
