Prime Business Africa
The United States dollar (USD) depreciated against the naira on Tuesday, December 2, as the foreign exchange (FX) rate closed trading at N1,447/$.
Data covering the Nigerian foreign exchange market (NFEM), released by the Central Bank of Nigeria (CBN), showed that the naira appreciated by 0.20 percent from N1,450/$ reported on Monday, December 1.
Join our WhatsApp ChannelThis indicates the foreign exchange rate of the American greenback reduced by N3 at the end of business hours — although the USD had traded for as high as N1,450.5 per dollar and as low as N1,443/$ during trading.
However, the United States currency traded flat in the parallel market at N1,473 per dollar, according to the Naira Rates, the same price it exchanged for during trading on Monday.
Similarly, the euro traded flat in the black market, where the European currency was traded at N1,853.7 per €1, the same rate offered during trading the previous day.
In the same vein, the pound exchanged at N2,204.4 kobo per £1 in the parallel market, indicating the naira stood its ground against the British currency when compared to the N2,204.4 per £1 it traded the day before.
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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.
