Prime Business Africa
The United States dollar (USD) depreciated in value by 0.33 percent against the naira after the official market’s foreign exchange rate dropped to N1,420.25 kobo per $1 on Tuesday, January 13.
According to the data from the official market, also known as the Nigerian foreign exchange market (NFEM), the FX rate had decreased by N4.75 kobo from the N1,425 kobo per dollar recorded on Monday, January 12.
Join our WhatsApp ChannelThe data, provided by the Central Bank of Nigeria (CBN), also showed that the dollar traded as high as N1,424 per USD, and as low as N1,418 per $1 during trade, but closed at N1,420.25 kobo per $1.
In the same vein, the naira appreciated against the pound by 0.09 percent, as the foreign exchange rate decreased by N1.86 kobo in the official market.
The British currency had traded the previous day at N1,915.16 kobo per pound, however, it exchanged for the naira at N1,913.30 kobo per £1.
Similarly, the foreign exchange rate for the euro dropped to N1,656.01 per €1 in the NFEM, below the N1,661.10 kobo per €1 reported the day before.
This indicates the value of the European currency depreciated by 0.30 kobo as the foreign exchange rate dropped by N5.09.
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