Prime Business Africa
The gap between the black market and the official window widened to N100.88 kobo on Monday, February 16, from N49.58 kobo on Friday, February 13.
In the black market on Monday, the foreign exchange (FX) rate for the United States dollar (USD) increased to N1,444.88 kobo/$1, according to Naira Rates, the parallel market aggregator.
Join our WhatsApp ChannelThe USD rate increased from N1,404.99 kobo per dollar reported on Friday, representing an increase of N39.89 kobo in the FX rate.
While the naira depreciated by 2.83 percent against the dollar, the Nigerian currency maintained its value against the pound, which traded flat at N1,989.99 kobo per £1 in the parallel market.
Also, the value of the naira against the euro did not change as both currencies traded at N1,727 per €1, similar to the FX rate reported in the black market on Friday.
In the Nigerian foreign exchange market (NFEM), also known as the official market, the official NFEM rate for the USD was N1,344 per dollar, compared to the N1,355.41 kobo/$ reported on Friday.
This represents an N11.41 kobo decrease in the official NFEM rate for the dollar and a 0.84 percent appreciation in the value of the naira.
The FX rate movement was revealed in the NFEM portal provided by the Central Bank of Nigeria (CBN), which also disclosed that the highest the USD was traded during trading was N1,353 per dollar.
It added that the dollar was also traded as low as N1,342.5 kobo per USD before the value of the American greenback settled at N1,353 per $1 at the close of trading.
Also, the pound dropped in value against the naira by N10.56 kobo, as the British currency was traded at N1,833.34 kobo per £1 in the official market.
During trading on Friday, the pound exchanged at N1,843.90 kobo per £1, indicating the naira appreciated by 0.57 percent against the British currency.
In addition, the euro was traded at N1,592.98 kobo per €1, below the N1,607.33 kobo per €1 reported on Friday, representing a N14.35 kobo or 0.89 percent decrease in the FX rate for the European currency.
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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.
