Prime Business Africa
The gap between the parallel market and the official window reduced to N29 on Thursday, November 27, from N32.9 kobo recorded on Wednesday, November 26.
The gap reduced despite the United States dollar (USD) appreciating against the naira in the official window, from N1,442 per dollar to N1,445.9 kobo/$.
Join our WhatsApp ChannelPrime Business Africa notes that the appreciation represents an increase of N3.9 kobo or 0.27 percent in the FX rate, according to the Nigerian foreign exchange market (NFEM) data from the Central Bank of Nigeria (CBN).
The NFEM data showed that the highest rate for the day was N1,446 per dollar, and the lowest rate was N1,442/$1 during business hours.
However, the American greenback traded flat in the parallel market at N1,474.9/$, the same foreign exchange (FX) rate recorded the previous day in the black market.
Also, the pound continues to trade flat at N2,204.4 kobo/£1 in the parallel market, as the naira remains steady against the British currency.
Similarly, there were no changes in the foreign exchange rate for the euro, as the European currency exchanged for N1,853.7 kobo per €1, the same rate as the previous day.
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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.
