Prime Business Africa
On Thursday, February 5, N1,366.05 per dollar was the official rate for the United States (US) currency in the Nigerian foreign exchange market (NFEM), rising above the N1,358.28 kobo per $1 reported on Wednesday, February 4.
This represents a N7.72 kobo increase in the United States dollar (USD), and a 0.56 percent decline in the value of the naira.
Join our WhatsApp ChannelBased on NFEM data provided by the Central Bank of Nigeria (CBN), the dollar rate traded as high as N1,370 per $1 and as low as N1,361.8 kobo per USD, but closed at N1,368/$1.
The data also showed that the pound appreciated against the naira, after both currencies exchanged at N1,854.69 kobo per £1 in the NFEM.
According to the data, the foreign exchange (FX) rate for the pound decreased from N1,862.74 kobo per £1 reported during trading the previous day.
This indicates the naira appreciated in value by 0.43 percent, while the FX rate for the British currency decreased by N8.05.
In addition, the data showed that the euro’s exchange rate increased by N5.91 kobo to N1,611.35 kobo per €1 in the NFEM, also known as the official market.
A day before, the European currency was traded at N1,605.44 kobo per €1 in the official market, which shows the value of the naira appreciated by 0.36 percent.
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