Prime Business Africa
The foreign exchange (FX) rate for the United States dollar (USD) declined to N1,404.8 kobo per $1 on Wednesday, February 25, from N1,428.53 kobo per $1.
According to Naira Rates, the black market price aggregator, the USD rate decreased by N23.73 kobo, while the value of the naira appreciated by 1.66 percent.
Join our WhatsApp ChannelHowever, the official American greenback’s rate increased by N0.74 kobo to N1,356.11 kobo per USD in the Nigerian foreign exchange market (NFEM), also known as the official window.
The official window rate increased from N1,355.37 kobo per USD reported the previous day, indicating the naira depreciated by 0.05 percent, according to the NFEM data obtained from the Central Bank of Nigeria (CBN).
In addition, the dollar rate in the official window traded as low as N1,353 per USD, and as high as N1,361.5 kobo per $1, but closed at N1,359.5 kobo per $1.
Also, the price for the pound skyrocketed by N50 to N1,954.99 kobo per £1 in the black market, where it was traded at N1,904.99 kobo per £1 during trading the day before.
While the naira depreciated by 2.62 percent against the British currency in the parallel market, it declined by 0.36 percent against the pound in the official window.
The FX rate for the pound increased by N6.69 kobo to N1,834.28 kobo per £1 on Wednesday in the official window, from the N1,827.59 kobo per £1 reported on Tuesday.
For the euro, the foreign exchange rate increased to N1,652 per €1 in the black market, as the naira depreciated against the European currency by 0.91 percent.
The day before, the euro was offered at N1,637 per €1 in the black market, indicating the European currency’s FX rate increased by N15.
Additionally, the euro was traded upward in the official window, as it was offered at N1,597.99 kobo per €1, compared to the N1,595.77 kobo per €1 reported on Tuesday, representing an increase of N2.22 kobo.
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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.
