Prime Business Africa
The Nigerian foreign exchange market (NFEM), also known as the official window, recorded no changes in the foreign exchange (FX) rate for the United States dollar (USD) on Thursday, January 8.
According to NFEM data provided by the Central Bank of Nigeria (CBN), the USD closed at N1,421/$1 at the end of trading, similar to the rate recorded on Wednesday, January 8.
Join our WhatsApp ChannelIn addition, the data said the official market saw the value of the dollar rising to N1,422 per $1, the highest rate for the day, and dropping to a low of N1,418 per USD, but eventually closed at N1,421/$1.
Also, the pound depreciated by 0.27 percent against the naira to N1,907.70 kobo per £1, compared to the previous day’s N1,912.98 kobo per £1.
While the foreign exchange for the pound decreased by N5.28 kobo, that of the euro increased by N0.14 kobo.
The data showed that the euro’s foreign exchange rose to N1,657.07 kobo per €1, from the N1,656.93 kobo per €1 reported the day before.
Additionally, the black market saw the foreign exchange rate of the dollar increase to N1,478.99 kobo per USD, according to Naira Rates, the parallel market’s rates aggregator.
The value of the USD appreciated by 0.13 percent or N1.99 kobo from the N1,477 per dollar recorded on Wednesday in the black market.
However, the foreign exchange rates for the pound and the euro remained at N2,204.4 kobo per £1 and N1,753.5 kobo per €1, respectively, indicating the parallel market recorded no changes in the value of the British and European currencies.
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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.
