Prime Business Africa
The foreign currency traders increased the foreign exchange (FX) rate of the United States dollar (USD) by N4.75 kobo, after offering N1,364.89 kobo per $1 in the Nigerian foreign exchange market (NFEM) on Tuesday.
Dollar: FX Traders Raise USD Rate In NFEM, Drop Rate In Black Market
According to the Central Bank of Nigeria’s (CBN) data on NFEM, the FX rate increased from the N1,360.14 kobo per $1 reported on Monday, leading to the naira depreciating by 0.34 percent.
Join our WhatsApp ChannelHowever, the dollar rate closed at N1,365 per USD, after recording N1,365.5 kobo per $1, the highest rate for the day, and N1,361 kobo per $1, the lowest rate during trading in the NFEM.
The outcome was different in the parallel market, where Naira Rates, the black market aggregator, said a dollar was traded at N1,398.99 kobo, compared to the N1,403.99 kobo per $1 recorded the day before.
According to the aggregator, the value of the dollar decreased by N5 in the black market, while the naira appreciated by 0.35 percent against the American greenback.
Pound: Over N4 Added To British Currency Rate In Official Window
The CBN data showed that the FX rate of the pound increased to N1,841.93 kobo per £1 in the NFEM, also known as the official window, from the N1,837.82 kobo per £1 recorded on Monday.
Following the N4.11 kobo increase in the foreign exchange rate of the British currency, the value of the naira depreciated by 0.22 percent against the pound.
However, the pound neither depreciated nor appreciated against the naira in the black market, where it was traded at N1,901.89 kobo per £1.
Euro: Naira Depreciates In NFEM, Trades Flat In Black Market
The euro was traded upward by the foreign exchange traders, after the European currency exchanged at N1,574.92 kobo per €1 in the NFEM, compared to the previous day’s N1,570.52 kobo per €1.
They increased their asking price by N4.4 kobo, a move that led to the naira depreciating in value by 0.28 percent against the European currency in the official window.
In the black market, however, the naira retained its value against the euro, as Monday’s N1,611.6 kobo per £1 was offered by the FX traders 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.
