Prime Business Africa
In the parallel market on Monday, December 22, the United States dollar (USD) traded for N1,476.95 per $1, compared to the N1,489.01 per USD recorded on Friday, December 19.
According to Naira Rates, a black market rates aggregator, the foreign exchange (FX) rate for the American greenback dropped by N2.34 kobo, as the naira appreciated by 0.23 percent.
Join our WhatsApp ChannelAlso, the British pound continued to trade flat against the naira in the parallel market, as both currencies exchanged at N2,204.4 per £1.
Similarly, the naira stood its ground against the euro, as the Nigerian currency and the European legal tender traded flat at N1,853.7 kobo per €1.
In the Nigerian foreign exchange market (NFEM), also known as the official window, the US dollar depreciated in value by 0.23 percent against the naira, as the exchange rate decreased by N3.34 kobo.
According to the NFEM data obtained from the Central Bank of Nigeria (CBN), the foreign exchange rate for the USD dropped to N1,456 per dollar, from the N1,466.50 kobo per $1 recorded on Friday.
The data showed that the dollar traded as high as N1,466 per USD and as low as N1,431 per $1 during trading on Monday.
Also, on Friday, the USD traded as high as N1,469.9 kobo per dollar and as low as N1,460 per $1.
However, the exchange rate for the pound in the official window was largely stable at N1956.65 kobo/£1, compared to the N1,956.63 kobo per the British currency reported on Friday.
The NFEM data also showed that the naira appreciated by 0.23 percent against the euro, as the exchange rate decreased by N4.04.
According to the CBN, the European currency was traded at N1,710 per euro against the N1,714.04 per €1 recorded on Friday.
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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.
