Prime Business Africa
In the Nigerian foreign exchange market (NFEM), also known as the official window, on Monday, December 8, the United States dollar (USD) traded flat at N1,454 per $1, the same foreign exchange (FX) rate reported on Friday, December 5.
Before the exchange rate closed at N1,454/$1, the American greenback had traded as high as N1,457/$1 and as low as N1,450.25 kobo per dollar during trading.
Join our WhatsApp ChannelAccording to the NFEM data obtained from the Central Bank of Nigeria (CBN), the naira was also relatively stable against the pound, as the Nigerian and British currencies traded at N1,934.08/£1, compared to Friday’s N1,934.78 kobo per £1.
However, the naira depreciated by 0.11 percent in value against the euro, as the exchange rate for the European currency rose to N1,690.54 kobo/€1, from N1,688.58 kobo per €1 — indicating a marginal increase of N1.96 kobo.
In the parallel market, the naira to dollar exchange rate was N1,475/$1 on Monday, slightly above the N1,474 per USD reported on Friday, indicating the Nigerian currency depreciated marginally by 0.06 percent.
Also, the British pound traded flat against the naira at N2,204.4 per £1, and the European currency traded flat at N1,853.7 per €1.
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