Prime Business Africa
In the Nigerian foreign exchange market (NFEM) on Monday, the foreign currency traders exchanged the official United States dollar (USD) at N1,366.79 kobo per USD.
The foreign exchange (FX) rate for the American greenback dropped from the N1,373.25 per dollar reported in the official window on Friday, according to data obtained from the Central Bank of Nigeria (CBN).
Join our WhatsApp ChannelThis represents a N6.46 kobo decline in the foreign exchange rate for the dollar, while it also indicates a 0.47 percent appreciation in the value of the naira against the American greenback.
According to the data, the highest foreign exchange rate recorded by the dollar during trading was N1,373.5 kobo, while the lowest was N1,360, the same FX rate the USD closed at on Monday.
Also, the official window recorded a N15.33 kobo decline in the foreign exchange rate for the pound, after the naira appreciated against the British currency by 0.82 percent on Monday.
The CBN data showed that the pound was offered at N1,832.61 kobo per £1 in the official window, below the N1,847.94 kobo per pound the British currency traded on Friday.
The foreign currency traders also reduced the FX rate for the euro to N1,585.96 kobo per €1 in the official window, which is below the N1,600.90 kobo per €1 offered on Monday.
According to the CBN’s data, the foreign exchange rate for the euro dropped by N14.94 kobo in the official window, while the naira appreciated by 0.93 percent.
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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.
