Prime Business Africa
On Wednesday, March 4, the foreign exchange (FX) rate for the United States dollar (USD) increased by N21.65 kobo to N1,409.42 kobo per $1.
The dollar rate increased from N1,387.77 kobo per USD recorded on Tuesday, March 3, indicating the naira depreciated in value by 1.56 percent.
Join our WhatsApp ChannelAlso, the American greenback traded upward to N1,387.09 per dollar in the Nigerian foreign exchange market (NFEM), also known as the official window.
The dollar appreciated against the naira by 0.20 percent or N2.8 kobo from the N1,384.29 kobo per USD recorded the previous day in the NFEM.
During trading in the official window, the Central Bank of Nigeria (CBN) revealed the highest rate recorded by the dollar was N1,400 per USD, and the lowest rate was N1,382.5 kobo per $1.
The dollar rate eventually closed at N1,382.65 kobo per USD in the official window.
However, the pound traded flat in the black market at N1,889.99 kobo per £1, but in the official window, the British currency traded upward at N1,854.43 kobo per £1, from the previous day’s N1,841.55 kobo per £1.
This represents a N12.88 kobo increase in the FX rate of the pound, while the naira depreciated by 0.69 percent.
But the euro depreciated against the naira by 1.20 percent to N1,639.99 kobo per €1 in the black market, from N1,659.99 kobo per €1 recorded the day before, representing a N20 decline in the FX rate.
In the official window, the European currency traded at N1,614.69 kobo per €1 on Wednesday, compared to Tuesday’s N1,605.61 kobo per €1, indicating a N9.08 increase.
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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.
