Prime Business Africa
The Central Bank of Nigeria (CBN), through its Nigerian foreign exchange market (NFEM) portal, has revealed that the official dollar rate increased by N1.88 kobo to N1,364.88 kobo per $1 on Thursday, up from the N1,363.84 kobo per $1 reported on Wednesday.
Dollar: Naira Records Mixed Fortunes Against USD In FX Markets
According to the portal, the highest rate offered for the American greenback was N1,366.5 kobo per dollar, and the lowest rate was N1,363 per $1, while the closing price was N1,365 per dollar.
The United States dollar (USD) was traded at N1,403.99 kobo per $1 in the black market, according to Naira Rates, the parallel market aggregator, which disclosed that the rate was similar to the previous day’s asking price.
Join our WhatsApp ChannelPound: British Currency Rate Rises In NFEM, Stable In Black Market
The traders in the NFEM, also known as the official window, recorded a N6.68 kobo increase in the foreign exchange (FX) rate for the pound on Thursday, while the value of the naira appreciated by 0.36 percent against the British currency.
Based on the CBN’s data, the pound was traded at N1,837.41 kobo per £1 in the official window on Thursday, compared to the N1,830.73 kobo per £1 recorded on Wednesday.
There were no changes in the foreign exchange rate of the pound in the parallel market, where the British currency was traded at N1,901.89 kobo per £1.
Euro: Naira Trades Flat Against European Currency In FX Markets
The naira traded flat against the euro in the official window, as foreign currency traders exchanged the European currency at N1,574.22 kobo per £1 on Thursday, similar to Wednesday’s N1,574.66 kobo per €1.
In the black market, N1,611.6 kobo per £1 was recorded on Thursday, according to the aggregator, indicating the previous day’s asking price was retained.
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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.
