Prime Business Africa
The Central Bank of Nigeria (CBN) revealed that the United States dollar (USD) was traded at an official foreign exchange (FX) rate of N1,357.26 kobo per USD in the Nigerian foreign exchange market (NFEM) on Wednesday.
In a data obtained from the foreign exchange market regulator, the exchange rate for the dollar increased from the N1,361.04 per $1 reported in the NFEM, also known as the official window, on Tuesday.
Join our WhatsApp ChannelThis represents a N3.78 kobo decline in the exchange rate for the American greenback in the official window, and shows the naira appreciated against the USD by 0.27 percent.
According to the data, the naira extended its appreciation against the dollar to four consecutive days on Wednesday, which is the first time since April, when the dollar rate decreased consecutively from N1,386.65 kobo on April 7 to N1,342.30 on April 16.
The data further showed that while the dollar exchange rate later closed at N1,360 per USD, the United States currency was traded as high as N1,370 per dollar and as low as N1,350 per $1 during trading.
According to the CBN, about N1,821.99 kobo was offered by the foreign currency traders as exchange rate for the pound during trading in the NFEM on Wednesday, which is below the N1,832.52 kobo per £1 recorded on Tuesday.
Based on the data, the naira appreciated against the British currency by 0.57 percent during trading as the exchange rate for the pound decreased by N10.53 kobo in the official window.
Also, the exchange rate for the euro was reduced during trading to N1,574.25 kobo per €1 on Wednesday, compared to the N1,583.81 kobo per euro offered by the foreign currency traders in the NFEM.
With foreign currency traders reducing the official window’s exchange rate by N9.56 kobo, according to the CBN data, the value of the naira appreciated by 0.6 percent against the European currency.
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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.
