Prime Business Africa
On Wednesday, April 22, the black market recorded N1,395.79 kobo as the foreign exchange (FX) rate for the United States dollar (USD), which had traded at N1,388.99 Kobo per dollar on Tuesday, April 22.
According to the data obtained from the black market aggregator, Naira Rates, the dollar rate increased by N6.8 kobo during trading, while the naira declined in value by 0.48 percent.
Join our WhatsApp ChannelWhile the dollar rate recorded a change, the pound and the euro traded flat in the black market at N1,919.99 kobo per £1 and N1,641 per €1, respectively.
In the Nigerian foreign exchange market (NFEM), the United States currency was officially exchanged at N1,348.44 kobo per dollar, below the N1,350.74 kobo per $1 recorded the previous day.
The value of the dollar declined by 0.17 percent against the naira as the foreign exchange rate decreased by N2.3 kobo in the NFEM, also known as the official window.
During trading in the official window on Wednesday, the value of the dollar had increased to as high as N1,350.45 kobo per $2, and dropped as low as N1,340 per USD, but eventually closed at N1,348.1 kobo.
Also, the NFEM data provided by the Central Bank of Nigeria (CBN) showed that the pound traded at N1,821.07 per £1 on Wednesday, dropping by N4.72 kobo from the N1,825.79 kobo per £1 reported on Tuesday.
In the same vein, the foreign exchange rate for the euro declined by N7.41 kobo to N1,581.41 kobo per €1 in the official window, compared to the N1,588.82 kobo per €1 reported 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.
