Prime Business Africa
In the Nigerian foreign exchange market (NFEM), also known as the official window, the foreign exchange (FX) rate of the United States dollar (USD) dropped to N1,455.25/$ on Thursday, December 11.
The exchange rate dropped by N2.75 kobo, from the N1,458 per dollar reported on Wednesday, December 10, reflecting the naira appreciated by 0.18 percent at the end of trading hours.
Join our WhatsApp ChannelIn the data provided by the Central Bank of Nigeria (CBN), the United States currency had traded as high as N1,459 per dollar, and as low as N1,453.55 kobo/$ during trading hours before settling at N1,455.25/$.
However, the naira depreciated against the pound, as the exchange rate for the British currency rose to N1,949.43 kobo per pound, from the N1,936.59 kobo/£1 reported the previous day.
This indicates the exchange rate for the British pound increased by N12.84 kobo, and the Nigerian currency depreciated by 0.66 percent.
Also, the euro appreciated against the naira by 0.80 percent, as the exchange rate for the European currency increased by N13.6 kobo in the official window, according to the CBN data.
The euro exchange rate increased from N1,692.17 kobo per €1 reported on Wednesday, to N1,705.77 kobo/€1
In the parallel market, the dollar rate increased to N1,505 per USD, surpassing the N1,487.99 kobo per dollar reported the day before, according to Naira Rates.
This represents an increase of N17.01 in the exchange rate for the United States currency, and a 1.14 percent decline in the value of the naira in the black market.
However, the outcome was different for the euro and the pound, as the European and British currencies traded flat against the naira, retaining the exchange rate of N2,204.4 kobo per £1 and N1,853.7 per €1, respectively.
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