Prime Business Africa
The black market on Friday, February 13, saw traders exchange the United States dollar (USD) at N1,404.99 kobo per USD, compared to the N1,444.88 kobo/$1 recorded on Thursday, February 12.
Based on the data obtained from Naira Rates, the black market aggregator, the foreign exchange (FX) rate for the USD depreciated by N39.89 kobo, indicating the naira appreciated by 2.76 percent.
Join our WhatsApp ChannelAlso, the pound traded flat at N1,989.99 kobo per £1, which is the same FX rate reported the previous day by the parallel market aggregator.
Similarly, the euro retained its value from Thursday after trading at N1,727 per €1 in the black market on Friday.
Also, the official USD exchange rate in the Nigerian foreign exchange market (NFEM) increased marginally by N1.76 kobo to N1,355.41 kobo per dollar on Friday.
According to the data obtained from the Central Bank of Nigeria (CBN), the official USD exchange rate rose from N1,353.65 kobo per dollar, indicating the naira depreciated by 0.13 percent.
The data also showed that N1,358 per dollar is the highest exchange rate during trading, and the lowest FX rate for the American greenback is N1,353 per USD, before closing at N1,358 per $1.
According to the data from the NFEM, also known as the official window, the pound was traded at N1,843.90 kobo per £1, decreasing by N5.05 from the N1,848.95 kobo per £1 recorded the day before.
Also, the exchange rate for the euro slightly declined to N1,607.33 kobo per €1 to N1,608.09 per €1 in the official window. representing a N0.76 kobo drop in the value of the European currency.
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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.
