Prime Business Africa
The value of the United States dollar (USD) declined by N0.79 kobo in the black market on Monday, April 20, after dropping to N1,392.99 kobo, below the N1,393.78 kobo per $1 recorded on Friday, April 17.
According to the black market aggregator, Naira Rates, the movement was different for the pound and the euro, as both foreign currencies did not record an increase or decrease in their exchange rate.
Join our WhatsApp ChannelData provided by the aggregator showed that the pound and euro traded at N1,919.99 kobo per £1 and N1,641 per €1, respectively, which is the same exchange rate reported on Friday.
However, in the Nigerian foreign exchange market (NFEM), the official dollar rate appreciated by 0.44 percent or N6.04, according to data from the Central Bank of Nigeria (CBN).
CBN disclosed that the foreign exchange (FX) rate for the United States currency increased to N1,349.67 Kobo per dollar in the NFEM, also known as the official window, compared to the N1,343.63 kobo per $1 reported on Friday.
Although the dollar rate eventually closed at N1,349.67 kobo per $1, the value of the USD initially increased as high as N1,353 per dollar and decreased to a low of N1,341 per USD during trading.
Also, the foreign exchange rate for the pound increased to N1,826.10 kobo per £1 in the official window on Monday, compared to the N1,823.71 kobo per £1 recorded on Friday, representing a jump of N2.39 kobo
The official window data also showed that the euro traded downward to N1,588.78 kobo per €1, falling below the N1,590.54 kobo per €1 reported on Friday, indicating the naira depreciated against the European currency by 0.11 percent.
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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.
