Prime Business Africa
The foreign exchange (FX) rate of the United States dollar (USD) decreased by N1.61 kobo, while the value of the naira appreciated by 0.11 percent in the black market on Monday, February 9.
According to the black market aggregator, Naira Rates, the American greenback exchanged at N1,446.99 kobo per dollar, compared to the N1,448.6 kobo per USD recorded in the parallel market on Friday, February 6.
Join our WhatsApp ChannelHowever, the pound traded flat against the naira, as the black market operators exchanged the British currency at N2,064.99 kobo per £1.
Also, the euro traded against the naira at N1,747 per €1, which is the same exchange rate reported in the parallel market on Friday.
In the Nigerian foreign exchange market (NFEM), the official USD rate was N1,354.25 kobo per dollar, dropping from the N1,366.19 kobo per $1 recorded on Friday.
The USD FX rate decreased by N11.94 kobo in the NFEM, also known as the official window, and the naira appreciated by 0.87 percent.
It was gathered from the NFEM data obtained from the Central Bank of Nigeria (CBN) that the dollar to naira rate rose as high as N1,360 per USD, and as low as N1,352.5 per $1, but closed at N1,354.9 per dollar.
Also, the pound exchanged at N1,845.03 per £1, after decreasing by N12.04 from the N1,857.07 per £1 reported in the official window on Friday.
During trading, the euro was traded at N1,612.59 kobo per €1 in the official window, compared to the N1,611.93 kobo per €1 recorded on Friday.
According to the CBN data, the European currency appreciated by N0.66 kobo.
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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.
