Prime Business Africa
The black market on Tuesday, February 10, recorded N1,441 per dollar, declining from the N1,446.99 kobo per $1 reported on Monday, February 9, according to the black market aggregator, Naira Rates.
This represents a N5.99 kobo decline in the foreign exchange (FX) rate for the United States dollar (USD) and a 0.41 percent appreciation in the value of the naira.
Join our WhatsApp ChannelAlso, the pound depreciated in value to N2,014.99 kobo per £1, compared to the N2,064.99 kobo per £1 recorded in the black market the previous day.
The cost of a pound dropped by N50 during trading, indicating the naira appreciated by 2.42 percent.
Similarly, the euro was traded at N1,728.99 kobo per, as the FX rate for the European currency depreciated by N18.01 in the parallel market.
During trading the previous day, the euro was traded at N1,747 per €1 in the black market, indicating the naira appreciated in value by 1.03 percent.
Meanwhile, the official rate of the American greenback in the Nigerian foreign exchange market (NFEM) was N1,351.02 per USD on Tuesday, decreasing slightly by N3.23 kobo, from the N1,354.25 kobo/$1 recorded the day before.
However, the dollar had traded as high as N1,354 per USD and as low as N1,349.3 kobo/$1, according to data provided by the Central Bank of Nigeria (CBN), but closed at N1,349.5 kobo/$1.
The pound traded relatively flat at N1,845.89 kobo per £1 in the NFEM, also known as the official market, compared to the N1,845.03 per £1 reported on Monday.
According to the data, the foreign exchange rate for the euro fell by N6.69 kobo to N1,605.90 kobo per €1 in the official window.
The decline had lifted the value of the naira by 0.41 percent when compared to the N1,612.59 kobo per €1 recorded in the official window the previous day.
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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.
