Prime Business Africa
The naira appreciated against the United States dollar (USD) in the Nigerian foreign exchange market (NFEM), also known as the official market, on Wednesday, January 28.
NFEM data showed that the American greenback closed at N1,394 per dollar, falling below the N1,409.5 kobo per USD recorded on Tuesday, January 27.
Join our WhatsApp ChannelThe foreign exchange rate for the US currency dropped by N15.5 kobo, while the value of the naira appreciated marginally by 1.09 percent.
In addition, the data, provided by the Central Bank of Nigeria (CBN), showed that the USD traded as high as N1,415 per dollar, and as low as N1,392 per $1.
However, it was gathered that the foreign exchange (FX) rate for the pound rose to N1,929.30 kobo during trading, as the naira depreciated by 0.21 percent on the official window.
The pound had exchanged for N1,925.15 kobo per £1 in the NFEM the day before, indicating the FX rate increased by N4.15 kobo.
Also, the naira depreciated against the euro by 0.19 percent in the official market, after the foreign exchange rate for the European currency increased to N1,674.93 kobo per €1.
The FX rate for the European currency increased by N3.31 kobo from the N1,671.62 kobo per €1 recorded during trading the previous day.
In the parallel market, the American greenback rate decreased to N1,483.99 kobo per dollar, compared to the N1,492 per USD recorded on Monday, January 26.
According to the parallel market data provided by Naira Rates, the black market’s rate aggregator, the dollar depreciated in value by N8.01 kobo and the naira appreciated by 0.53 percent.
Additionally, the exchange rate for the euro remained unchanged at N2,034.99 kobo per £1, while the pound traded flat at N1,753.5 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.
