Prime Business Africa
The foreign exchange (FX) for the United States dollar (USD) dropped to N1,360.14 kobo per $1 on Monday, below the N1,365.68 kobo per $1 recorded on Friday in the Nigerian foreign exchange market (NFEM).
Dollar: Naira Appreciates Against USD
The value of the American greenback fell by N5.54 in the NFEM, leading to the naira appreciating in value by 0.40 percent against the United States currency.
Join our WhatsApp ChannelIn a data obtained from the Central Bank of Nigeria (CBN), the highest rate offered for the USD was N1,364.25 kobo per $1, while the lowest rate recorded was N1,358.50 kobo per $1, before settling at N1,361.5 kobo per $1.
However, in the black market, the American greenback retained Friday’s offering price, after trading at N1,403.99 kobo per $1, according to Naira Rates, the parallel market aggregator.
Pound: FX Traders Cut Asking Price By N0.67 Kobo
The FX rate for the pound was dropped slightly during trading in the NFEM to N1,837.82 kobo per £1, down by N0.67 kobo when compared to the N1,838.49 kobo per £1 reported on Friday.
According to the black market aggregator, the foreign currency traders did not change the foreign exchange rate of the pound, as they exchanged the British currency at N1,901.89 kobo per £1.
Euro: Naira Appreciates Against European Currency
The foreign exchange traders cut the asking price for the euro to N1,570.52 kobo per €1 in the NFEM, also known as the official window, from the N1,575.15 kobo per €1 recorded on Friday.
According to the CBN data, the FX rate for the euro depreciated by N4.63 kobo, raising the value of the naira against the European currency by 0.29 percent in the official window.
The FX rate of the euro remained stagnant in the black market, where it was traded at N1,611.6 kobo per £1, the same rate it was exchanged by the parallel market 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.
