Prime Business Africa
During trading in the black market on Thursday, March 19, the value of the United States dollar (USD) dropped by N9.2 kobo, while the naira appreciated by 0.65 percent.
The value dropped after the foreign exchange (FX) rate for the dollar dropped to N1,398.79 kobo per USD, falling below the N1,407.99 kobo per $1 recorded on Wednesday, March 18.
Join our WhatsApp ChannelAccording to Naira Rates, the parallel market’s aggregator, there were no movements in the FX rate for the pound, which traded at N1,919.99 kobo per £1, the same rate as reported the day before.
Also, the parallel market aggregator reported that the euro recorded a similar outcome, after trading flat at N1,641 per €1, the same rate the European currency was traded on Wednesday.
The naira is gradually heading towards the prediction made by Aliko Dangote, chairman of the Dangote Group, and Femi Otedola, the chairman of First HoldCo.
On February 12, Otedola said he is optimistic that the naira will strengthen meaningfully and will trade below N1,000/$1 before year-end because domestic refining is fully underway.
According to the business, with domestic refining in place after decades of import dependence, pressure on the FX market is expected to ease significantly.
Also, on February 18, Dangote predicted that the naira would strengthen to N1,100 per dollar in 2026.
While also addressing the naira’s value three weeks ago, Vice-President Kashim Shettima said the Nigeria currency would have appreciated to N1,000 per $1 in weeks if the Central Bank of Nigeria (CBN) did not intervene to ensure stability.
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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.
