Prime Business Africa
The foreign exchange (FX) rate for the United States dollar (USD) increased to N1,387.77 kobo per $1 on Tuesday, March 3, in the black market, surpassing the N1,382.52 kobo per $1 recorded on Monday, March 2.
Also, the pound FX rate was N1,889.99 kobo per £1 in the parallel market, according to the Naira Rates, the black market aggregator, compared to the previous day’s N1,909.99 kobo per £1.
Join our WhatsApp ChannelHowever, unlike the dollar and the pound, the euro traded flat at N1,659.99 kobo per €1 in the black market.
In the Nigerian foreign exchange market (NFEM), also known as the official window, the official dollar rate was N1,384.29 kobo per USD, compared to the N1,378.02 per USD reported the day before.
According to the NFEM data obtained from the Central Bank of Nigeria (CBN), the dollar’s highest rate during trading was N1,405/$1, while the lowest rate was N1,370 per USD, before closing at N1,390 per $1.
In addition, the pound exchanged at N1,841.55 kobo per £1 in the official market, falling below the N1,845.46 kobo per £1 recorded the previous day.
However, the FX rate for the euro in the NFEM increased from N1,612.39 kobo per €1 recorded on Monday to N1,605.61 kobo per €1 on Tuesday.
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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.
