Prime Business Africa
Traders in the Nigerian foreign exchange market (NFEM) offered the United States dollar (USD) at N1,332.93 kobo per $1 on Monday, according to the data obtained from the Central Bank of Nigeria (CBN).
Dollar: Traders Reduce USD Rate By N4 In NFEM
Join our WhatsApp ChannelThey raised their offering price by N4.35 kobo when compared to the N1,337.28 kobo per USD offered during trading on Friday in the NFEM, also known as the official window, while the naira appreciated in value against the USD by 0.32 percent.
According to the data, the highest rate at which the United States currency was traded was N1,343 per USD, while N1,320 per dollar was the lowest rate offered by the traders, before the American greenback closed at N1,335.5 kobo per $1.
Pound: NFEM Records N10 Decline In British Currency Rate
The traders also reduced the foreign exchange (FX) rate of the pound by N10.43 kobo in the official window, as the British currency was traded at N1,804.92 kobo per £1.
Following the decline in the FX rate for the pound, which was traded at N1,815.35 kobo per £1 on Friday, the naira appreciated in value by 0.57 percent against the British currency.
Euro: Naira Appreciates By 0.71% Against European Currency
During trading in the official window, the foreign currency traders cut their asking price for the euro by N11.05, resulting in the European currency trading at N1,545.23 kobo per €1.
Due to the euro trading below the N1,556.28 kobo per €1 offered during trading on Friday, the value of the naira increased by 0.71 percent against the European currency in the NFEM.
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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.
