Prime Business Africa
The United States dollar (USD) was sold at a reduced foreign exchange (FX) rate of N1,415.83 kobo per $1 in the black market on Wednesday, April 1, compared to the N1,425.85 kobo per USD on Tuesday, March 31.
According to data from Naira Rates, the black market aggregator, the FX rate for the dollar decreased by N10.02, while the value of the naira appreciated by 0.7 percent.
Join our WhatsApp ChannelWhile there were changes in the price of the dollar, the pound and the euro traded flat, exchanging at N1,919.99 kobo per £1 and N1,641 per €1, respectively, in the black market.
In the Nigerian Foreign Exchange Market (NFEM), also known as the official window, the dollar rate increased, rising by N8.01 to N1,378.70 kobo per USD, compared to the previous day’s N1,386.71 kobo per $1.
The dollar rate, which closed at N1,376 per $1, initially traded as high as N1,384.5 kobo per USD and as low as N1,372/$1 in the official window, according to the Central Bank of Nigeria (CBN).
In an official window data provided by the apex bank, it was gathered that the pound traded at N1,835.90 kobo per £1, below the N1,838.67 kobo per £1 reported on Tuesday, representing a N2.77 kobo decrease.
However, the euro experienced a different movement, trading upward against the naira, as the FX rate for both currencies increased by N3.3 kobo, from N1,598.58 kobo per €1 to N1,601.88 kobo per €1.
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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.
