Prime Business AfricaIn the Nigerian foreign exchange market (NFEM) on Thursday, the official United States dollar (USD) was traded at N1,363.30 kobo per USD, compared to the N1,360.07 per $1 reported on Wednesday.
Dollar: Naira Depreciates Against USD By 0.23%
The foreign exchange (FX) rate for the official dollar was increased by N3.23 kobo by the foreign currency traders, resulting in the naira depreciating in value by 0.23 percent against the American greenback.
However, the dollar closed at N1,365.5 kobo per USD in the NFEM, after trading as high as N1,366 per USD and as low as N1,361 per dollar, according to the Central Bank of Nigeria (CBN).
Join our WhatsApp ChannelPound: FX Traders Sell British Currency For N1,805/£
Also, the NFEM data released by the CBN showed that the FX traders reduced the foreign exchange rate for the pound by N19.1 kobo, as the British currency exchanged at N1,805.03 per £1.
The FX rate for the pound decreased from the N1,824.13 kobo per £1 reported in the NFEM on Wednesday, leading to the value of the naira dropping by 1.04 percent against the British currency on Thursday.
Euro: Over N12 Added To European Currency FX Rate
During trading in the NFEM, also known as the official window, the euro was also traded downward to N1,564.49 kobo per €1, as foreign currency traders reduced the FX rate by N12.88 kobo.
This represents a 0.81 percent decline in the value of the naira against the European currency, as the euro was traded at N1,577.37 kobo per €1 in the official window on Wednesday.
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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.
