Prime Business Africa
The naira appreciated against the United States dollar (USD) by 0.71 percent in the black market on Wednesday, February 18, as the foreign exchange (FX) rate for both currencies decreased by N10.02.
According to Naira Rates, the black market aggregator, the USD was traded at N1,388.77 kobo per dollar, below the N1,398.79 kobo per $1 recorded on Tuesday, February 17.
Join our WhatsApp ChannelHowever, the pound traded flat against the naira, with both the Nigerian and British currencies exchanging at N1,939.99 kobo per £1.
Similarly, there were no changes in the FX rate for the euro, as the European legal tender traded at N1,689.99 kobo per €1.
In the Nigerian foreign exchange market (NFEM), the official NFEM rate for the dollar increased from N1,335.95 kobo per $1 reported on Tuesday to N1,338.10 kobo per USD on Wednesday.
The official USD rate rose by N2.15 kobo, while the naira appreciated in value by 0.16 percent.
Also, the dollar was priced as high as N1,340 per USD during trading in NFEM, also known as the official market, and traded as low as N1,328 per $1 before closing at N1,340 per dollar.
The pound exchanged at N1,816.33 kobo per £1 in the official market, compared to the previous day’s N1,806.07 per £1, according to the data provided by the Central Bank of Nigeria (CBN).
Based on the data, the price of the pound increased by N10.26 kobo, while the value of the naira depreciated by 0.56 percent.
In addition, the euro was traded at N1,584.52 kobo per €1, depreciating in value by 0.37 percent or N5.88 kobo, as the European currency traded above the N1,578.64 kobo per €1 recorded the day before.
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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.
