Prime Business Africa
The parallel market recorded N1,479.99 kobo per United States dollar (USD) on Monday, January 12, compared to the N1,477 per $1 reported on Friday, January 9, indicating the naira depreciated by 0.20 percent.
Also, the foreign exchange rate for the American greenback increased by N2.99 kobo, according to Naira Rates, the black market rates aggregator.
Join our WhatsApp ChannelThe aggregator also said the British and the European currencies traded flat at N2,204.4 kobo per £1, and N1,753.5 kobo per €1, respectively.
Also, the value of the USD appreciated slightly by N0.5 kobo in the Nigerian foreign exchange market (NFEM), also known as the official window, on Monday.
It was gathered that the USD increased to N1,425 kobo per dollar, from the N1,424.5 kobo per dollar recorded on Friday.
According to the Central Bank of Nigeria (CBN), the highest USD rate during trading was N1,426 per USD, and the lowest was N1,419 kobo/$1.
Also, the pound appreciated in value to N1,915.16 kobo per £1 in the official window.
This represents an increase of N3.81 kobo or 0.19 percent, when compared to the N1,911.35 kobo per £1 posted on Friday, according to the financial regulator.
For the euro, the foreign exchange (FX) rate increased to N1,661.10 kobo per €1, from the N1,657.54 kobo per €1 reported on Friday.
This represents a 0.21 percent decline in the value of the naira and a N3.56 kobo in the foreign exchange rate.
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