Prime Business Africa
The United States dollar (USD) traded at N1,437 per $1 in the black market on Friday, January 30, compared to the N1,478 per dollar recorded on Thursday, January 29.
According to Naira Rates, the black market rate aggregator, the value of the American greenback dropped by N41, while the naira appreciated by 2.77 percent.
Join our WhatsApp ChannelAlso, the foreign exchange (FX) rate of the euro decreased to N1,746 per €1 in the parallel market, falling below the N1,753.5 kobo per €1 recorded the day before.
This shows the naira appreciated in value by 0.42 percent during trading in the black market, while the FX rate for the European currency dropped by N7.5 kobo.
However, the foreign exchange rate for the pound remains unchanged as parallel market operators traded the British currency at N2,034.99 kobo per £1.
In the Nigerian foreign exchange market (NFEM), the dollar rate closed at N1,391 per $1, rising by N6 from the N1,385 per $1 reported on Thursday.
During trading in the NFEM, also known as the official market, data obtained from the Central Bank of Nigeria (CBN) showed that the dollar traded as high as N1,392 per $1 and as low as N1,381/$1.
However, the official exchange rate in the NFEM was N1,386.55 kobo per dollar.
It was also gathered that the pound depreciated in value by N25.8 kobo to N1,905.54 kobo per £1, from the previous day’s N1,931.34 kobo per £1.
In the same vein, the euro’s FX rate decreased to N1,651.62 kobo per €1 in NFEM, from the N1,671.18 kobo per €1 reported the day before, representing a drop of N19.56 kobo.
The naira’s mixed fortune in the official and parallel markets comes at a period when Nigeria’s foreign reserves rose to the highest level in eight years on January 25.
According to data provided by the Central Bank of Nigeria (CBN), the foreign reserves hit $46 billion, which is the first time since August 27, 2018, up from $45.56 billion recorded on January 2.
CBN, on December 22, 2025, projected that Nigeria’s external reserves would rise to $51.04 billion in 2026.
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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.
