Prime Business Africa
The foreign exchange (FX) traders reduced the official FX rate of the United States dollar (USD) to N1,364.83 kobo per $1 in the Nigerian foreign exchange market (NFEM) on Monday.
Dollar: USD Rate Drops By N3 To N1,364/$
In a NFEM data obtained from the Central Bank of Nigeria (CBN), the dollar rate was dropped by N3.39 kobo when compared to the N1,368.22 kobo per USD offered by the foreign currency traders on Friday.
According to the data, N1,368 per USD was the highest rate offered for the dollar, while N1,362 per $1 was the lowest level the American greenback traded on Monday, but the US currency eventually closed at N1,365/$1.
Join our WhatsApp ChannelNaira Rates, the parallel market aggregator, said N1,403.99 kobo per dollar was the FX rate recorded in the black market, similar to the asking price offered during trading on Friday.
Pound: Naira Holds Ground Against British Currency
The naira largely traded flat against the pound in the NFEM, also known as the official window, exchanging at N1,837.21 kobo per £1, similar to the N1,837.12 kobo per £1 recorded on Friday.
Also, the foreign exchange rate for the pound recorded no changes in the black market, as the traders retained the N1,901.89 kobo per £1 offered on Friday.
Euro: European Currency Trades Flat Against Naira
The naira was also stable against the euro in the official window, as both currencies traded at N1,573.35 kobo per €1, similar to the N1,573.29 kobo per €1 recorded on Friday.
In the black market, the foreign currency traders retained Friday’s rate for the European currency, after offering N1,611.6 kobo per €1.
For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: [email protected] and [email protected]
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.
