Prime Business Africa
The official United States dollar (USD) rate dropped further on Tuesday to N1,362.55 kobo per $1 in the Nigerian foreign exchange market (NFEM), according to the data obtained from the Central Bank of Nigeria (CBN).
Dollar: USD Depreciates Against Naira After FX Rate Drops By N2
Foreign currency traders in the NFEM, also known as the official window, reduced the foreign exchange (FX) rate for the USD from N1,364.83 kobo per $1 recorded on Monday, representing a N2.28 kobo increase.
According to the data, at the end of trading in the official window, the American greenback settled at N1,362 per dollar, after trading as high as N1,364.7 kobo per USD and as low as N1,361 per $1.
Join our WhatsApp ChannelAlso, in the black market, according to Naira Rates, the parallel market aggregator, the dollar was traded downward by N4 to N1,399.99 kobo per USD, compared to the previous day’s N1,403.99 kobo per $1.
Pound: Traders Exchange British Currency At N1,830/£
During trading in the official window on Tuesday, the pound was traded at N1,830.73 kobo per £1, below the N1,837.21 kobo per £1 offered by foreign currency traders during trading on Monday.
With the official window pound rate dropping by N6.48 kobo, the naira appreciated in value against the British currency by 0.35 percent, according to the central bank.
The foreign exchange rate for the pound in the black market remained unchanged from Monday’s asking price, as FX traders exchanged the British currency at N1,901.89 kobo per £1.
Euro: European Currency Rate Drop By N5 To N1,568/€
The official window traders offered the euro at N1,568.13 kobo per €1 on Tuesday, reducing their asking price from the N1,573.35 kobo per €1 recorded during trading the day before.
After the asking price for the European currency dropped by N5.22 kobo in the official window, the value of the naira appreciated by 0.33 percent against the euro.
The black market neither recorded an increase or decrease in the value of the euro, as the foreign exchange rate for the European currency stood at N1,611.6 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.
