Prime Business Africa
Traders in the black market recorded a N3.83 kobo decline in the foreign exchange (FX) rate for the United States dollar (USD) on Wednesday, March 18, after it dropped to N1,407.99 kobo per $1.
During trading on Tuesday, March 17, the USD had traded at N1,411.82 kobo per $1, indicating the naira appreciated by 0.27 percent against the dollar in the black market.
Join our WhatsApp ChannelHowever, the pound traded at N1,919.99 kobo per £1 on Wednesday in the black market, which is the same rate the British currency traded the previous day, according to the Naira rate, the parallel market aggregator.
Also, the euro was sold at the same rate it was exchanged the day before, after the European currency traded flat at N1,641 per €1 in the black market on Wednesday.
In the Nigerian foreign exchange market (NFEM), also known as the official window, traders saw the value of the dollar increase by N9.49 kobo to N1,353.90 kobo per USD.
This indicates the naira depreciated by 0.70 percent, considering the dollar traded at N1,344.41 kobo per USD during trading the previous day, according to data provided by the Central Bank of Nigeria (CBN).
However, the American greenback closed at N1,362 per dollar, after rising as high as N1,362 per USD and as low as N1,349 per $1 during trading.
In addition, the pound appreciated against the naira by N6.05 or 0.33 percent in the official window, after trading at N1,801.25 kobo per £1, above the N1,795.20 kobo per £1 recorded the day before.
Similarly, the FX rate for the euro increased to N1,555.64 kobo per €1, surpassing the N1,550.87 kobo per €1 reported the previous day during trading in the official window.
This represents a N4.77 kobo increase in the foreign exchange rate for the euro and a 0.30 percent decline in the value of the naira.
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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.
