Prime Business Africa
The foreign exchange (FX) rate for the United States dollar (USD) was relatively stable in the black market on Monday, March 2, as the American greenback traded at N1,382.52 kobo per $1.
According to Naira Rates, the black market aggregator, the USD rate was similar to the N1,382.76 kobo per $1 recorded on Friday, February 27.
Join our WhatsApp ChannelIn the Nigerian foreign exchange market (NFEM), the official dollar rate was N1,378.02 per USD, compared to the N1,363.39 kobo per $1 reported on Friday.
The official NFEM rate increased by N14.63 kobo, indicating the naira depreciated by 1.07 percent.
However, the dollar rate closed at N1,376 per USD, after trading as high as N1,397 per dollar and as low as N1,368.5 kobo per $1, according to the official market data provided by the Central Bank of Nigeria (CBN).
Additionally, the pound traded flat at N1,909.99 kobo per £1 in the parallel market, while the British currency exchanged at N1,845.46 kobo per £1 in the NFEM, compared to the N1,835.82 kobo per £1 recorded on Friday.
The foreign exchange rate for the pound had increased by N9.64 kobo in the NFEM, also known as the official window, indicating the naira depreciated by 0.52 percent.
Also, in the black market, the euro traded upward to N1,659.99 kobo per €1, above the N1,652 per €1 reported on Friday, representing a N7.99 kobo increase.
In the official window, the euro exchanged at N1,612.39 kobo per €1, compared to Friday’s N1,608.62 kobo per €1, as the value of the naira depreciated by N3.77 kobo or 0.23 percent.
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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.
