Prime Business Africa
The official foreign exchange (FX) rate of the United States dollar (USD) was cut by N3.5 kobo to N1,329.43 kobo per USD, the lowest in three years, during trading in the Nigerian foreign exchange market (NFEM) on Tuesday.
Dollar: USD Trades As High As N1,335/$
According to the NFEM data obtained from the Central Bank of Nigeria (CBN), the FX rate of the American greenback decreased from the N1,332.93 kobo per $1 recorded the previous day, resulting in the naira depreciating by 0.26 percent against the dollar.
Join our WhatsApp ChannelThe last time the dollar traded around N1,329 per $1 was on March 28, 2024, when the FX rate was hovering around N1,327.04 per USD.
However, the American greenback eventually closed trading at N1,329 per USD on Tuesday, after trading as high as N1,335.5 kobo per $1 and as low as N1,327 per dollar.
Pound: British Currency Sells Below N1,800
The foreign exchange rate of the pound fell below N1,800 per £1 on Tuesday, for the first time in six months, after trading at N1,799.50 kobo per £1 in the NFEM, also known as the official window, compared to the previous day’s N1,804.92 kobo per £1.
With the FX rate of the British currency dropping by N5.42 kobo, analysis of the data from the CBN showed the naira appreciated by 0.30 percent against the pound.
The last time the pound sold below N1,800 was on March 17, when it traded at N1,795.20.
Euro: Naira Extends Gain Against European Currency
There was a slight depreciation in the value of the euro on Tuesday, as the FX rate of the European currency dropped by N3.81 kobo to N1,541.42 kobo per €1, the lowest in almost two years.
It was gathered that while the European currency rate declined from the N1,545.23 kobo per €1 recorded during trading on Monday, the naira appreciated in value by 0.24 percent against the euro.
The last time the euro traded below N1,541 per €1 was on February 7, 2025, trading at N1,500.96 per €1, before depreciating to N1,545.30 kobo per €1 on February 10, 2025.
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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.
