Prime Business Africa
About N1,363.84 kobo was offered for one United States dollar (USD) by the foreign currency traders in the Nigerian foreign exchange market (NFEM) on Wednesday, compared to the N1,362.55 kobo per $1 recorded on Wednesday.
Dollar: USD Trades As High As N1,364.9/$
This represents N1.29 kobo increase in the foreign exchange (FX) rate for the USD in the NFEM, also known as the official window, according to the Central Bank of Nigeria (CBN).
The CBN NFEM data showed that N1,364.9 kobo per dollar was the highest rate recorded during trading, while N1,361.75 kobo per USD was the lowest offer, before the official window closed at N1,363.11 kobo/$1.
Join our WhatsApp ChannelHowever, the dollar regained some ground against the naira in the black market, trading at N1,403.99 kobo per £1, compared to the N1,399.99 kobo per USD recorded the day before.
According to data obtained from Naira Rates, the parallel market aggregator, this indicates the value of the dollar increased by N4, while the worth of the naira declined by 0.28 percent.
Pound: British Currency Value Increases By N5 To N1,836/£
The foreign currency increased the foreign exchange rate for the pound by N5.97 kobo in the official window, up from the N1,830.73 kobo per £1 recorded during trading the previous day.
FX traders raising the foreign exchange rate of the pound to N1,836.70 kobo per £1 on Wednesday, led to the naira depreciating by 0.32 percent against the British currency.
However, the foreign exchange traders in the black market retained Tuesday’s rate, after offering N1,901.89 kobo for the American greenback on Wednesday.
Euro: European Currency Records Mixed Fortunes Against Naira
In the official window, about N6.53 kobo was added to the value of the euro, as foreign currency traders exchanged the European currency at N1,574.66 kobo per €1, according to the CBN.
The FX rate for the euro was increased from the N1,568.13 kobo per €1 recorded during trading on Tuesday, leading to the naira depreciating by 0.41 percent against the European currency.
The black market traders offered N1,611.6 kobo per €1 on Wednesday, according to the aggregator, the same exchange rate recorded by the European currency on Tuesday.
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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.
