Prime Business Africa
The United States dollar (USD) traded at N1,350.41 kobo per $1 on Wednesday in the Nigerian foreign exchange market (NFEM), compared to the N1,343.32 kobo per USD offered on Tuesday.
Dollar: USD Rate Drops By N7 In NFEM, N3 In Black Market
According to the NFEM data obtained from the Central Bank of Nigeria (CBN), the FX rate for the dollar increased by N7.09, while the naira depreciated by 0.52 percent against the USD
Join our WhatsApp ChannelHowever, the American greenback closed trading at N1,351 per dollar, after rising as high as N1,353 per USD and trading at a low of N1,348 kobo per $1 in the NFEM, also known as the official window.
In the black market, the FX rate for the dollar increased by N3.99 kobo, while the value of the naira depreciated by 0.28 percent against the USD, according to Naira Rates, the parallel market aggregator.
The United States currency was traded at N1,404.99 kobo per $1 by FX traders, above the N1,401 per USD recorded during trading in the black market the previous day.
Pound: FX Traders Exchange British Currency At N1,838/£1
The foreign exchange traders offered the pound at N1,838.44 kobo per £1 in the official window, raising their asking price from the N1,818.58 kobo per £1 recorded the day before.
After reducing the FX rate for the pound by N19.86 kobo during trading on Wednesday, the value of the naira appreciated by 1.09 percent against the British currency.
The pound was traded at N1,901.89 kobo per £1 in the black market, according to the aggregator, indicating the foreign exchange traders retained the previous day’s FX rate.
Euro: Naira Slumps Against European Currency
About N1,573.72 kobo was offered by the foreign currency traders for €1 in the official window on Wednesday, indicating the FX rate for the euro was raised by N18.07.
With the value of the euro rising from the previous day’s N1,555.65 kobo per €1, the naira depreciated in value by 1.16 percent against the European currency in the official window.
In the parallel market, the value of the euro remained unchanged, after FX traders offered the European currency at 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.
