Prime Business Africa
In the Nigerian foreign exchange market (NFEM), also known as the official window, the naira depreciated by 0.35 percent as the dollar rate increased to N1,421/$1 on Wednesday, January 7.
The foreign exchange rate for the United States currency had increased by N5 from the N1,416 per dollar recorded on Tuesday, January 6.
Join our WhatsApp ChannelHowever, the United States dollar (USD) rate rose as high as N1,423 per $1 and as low as N1,415 per USD during trading before settling at N1,421/$1 at the end of business hours.
The official window data obtained from the Central Bank of Nigeria (CBN) showed that the pound depreciated in value by N3.64 kobo or 0.18 percent to N1,912.98 kobo per £1, from N1,916.62 kobo per £1.
Similarly, the euro depreciated against the naira, as the foreign exchange rate for both currencies decreased to N1,656.93 kobo per €1, from N1,659.72 kobo per €1.
This indicates the European currency depreciated by 0.16 percent and the naira appreciated in value by N2.79 kobo.
In the black market, the dollar rate recorded no changes, as it stood at N1,477 per USD, according to the Naira Rates, a parallel market rates aggregator.
According to the aggregator, it was gathered that the naira maintained its position against the pound, as the exchange rate for both currencies stood at N2,204.4 kobo per £1.
In the same vein, the exchange rate for the euro recorded no changes, as the European currency traded at N1,753.5 kobo per €1, the same rate recorded the previous day.
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