Prime Business Africa
During trading in the Nigerian foreign exchange market (NFEM) on Wednesday, the United States dollar (USD) was traded at N1,372.40 kobo per USD, below the N1,379.68 kobo per $1 offered on Tuesday.
Dollar: Naira Extends Gain Against USD
The official foreign exchange (FX) rate for the dollar was dropped by N7.28 kobo during trading on Wednesday, thereby, increasing the value of the naira by 0.52 percent against the American greenback.
After trading closed in the NFEM, also known as the official window, the value of the dollar settled at N1,369 per USD, but not before trading as high as N1,378.5 kobo per $1 and exchanging at a low of N1,368 per dollar.
Join our WhatsApp ChannelPound: Naira’s Value Increases By 0.18% Against British Currency
The official window recorded a N3.32 kobo decline in the foreign exchange rate for the pound, after the British currency was traded by FX traders at N1,821.06 per £1 on Wednesday.
This led to the naira appreciating against the pound by 0.18 percent, as the British currency was traded at N1,824.38 kobo per £1 by the foreign currency traders in the official window on Tuesday.
Euro: Traders Add N7 To European Currency FX Rate
The foreign exchange rate for the euro was reduced by N7.61 kobo in the official window on Wednesday, from the N1,572.40 kobo per €1 offered by traders during trading the previous day.
With the euro trading at N1,564.79 kobo per €1 during trading on Wednesday, the value of the naira increased by 0.48 percent in the official window, according to data obtained from the Central Bank of Nigeria (CBN).
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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.
