Prime Business Africa
In the Nigerian foreign exchange market (NFEM) on Friday, the United States dollar (USD) traded at N1,379.62 kobo per USD, compared to the N1,378.43 kobo per $1 recorded during trading on Thursday.
Dollar: USD Rate Rises In Official, Black Markets
The foreign exchange (FX) rate for the dollar increased by N1.19 kobo, while the naira depreciated by 0.08 percent against the United States currency, according to the Central Bank of Nigeria’s (CBN) NFEM portal.
During trading, the highest American greenback rate was N1,382 per USD, and the lowest rate recorded was N1,375. per dollar, before closing at N1,381.7 kobo per $1.
Join our WhatsApp ChannelIn the black market, the USD rate increased by N5 from the previous day’s N1,397 to N1,402 on Friday, indicating the naira depreciated in the parallel market by 0.35 percent.
Pound: British Currency Appreciates In NFEM, Trades Flat In Black Market
According to the CBN, the foreign exchange rate for the pound increased to N1,849.95 kobo per £1 during trading, as the value of the naira depreciated by 0.20 percent against the British currency.
The FX rate for the pound was increased by N3.8 kobo when compared to the N1,846.15 kobo per £1 offered by the foreign currency traders during trading the day before.
Also, the black market FX traders maintained the rate for the British currency at N1,905.63 kobo, the same rate the pound was traded on Thursday.
Euro: Naira Trades Flat In Official, Parallel Markets
The euro traded largely flat against the naira on Friday, after exchanging at N1,575.09 per €1 in the NFEM, also known as the official window, compared to the previous day’s N1,575.52 kobo per €1.
Similarly, in the parallel market, the euro traded flat at N1,647.54 kobo per €1.
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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.
