Prime Business Africa
In the black market on Monday, April 6, the foreign exchange (FX) traders recorded a decrease in the value of the United States dollar (USD), while there were no changes in the prices for the pound and the euro.
The dollar was traded at N1,407.81 kobo per USD in the black market, according to Naira Rates, the parallel market aggregator, compared to the N1,408.15 kobo per $1 reported on Friday, April 4.
Join our WhatsApp ChannelThis indicates the foreign exchange rate decreased by N0.34 kobo during trading in the parallel market, while the naira appreciated in value by 0.02 percent, based on the black market data provided by the aggregator.
Also, the pound continued to trade flat against the Nigerian currency in the black market on Monday, as the foreign exchange rate for the British currency was put at N1,919.99 kobo per £1 during trading.
In the same vein, the traders in the black market continue to trade the euro at N1,641 per €1, as the naira holds it position against the European currency for over a week.
There was no trading in the Nigerian foreign exchange market (NFEM), also known as the official window, on Monday, due to the public holiday for Easter celebration.
Meanwhile, the naira gained ground against the dollar despite Nigeria’s foreign exchange reserves depleting by $847.32 million between March 11 and April 1, dropping from $50.02 billion to $49.18 billion, according to checks by Prime Business Africa.
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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.
