Prime Business Africa
The black market recorded a N3.01 increase in the foreign exchange (FX) rate of the United States dollar (USD) on Monday, December 29.
In the black market data obtained from Naira Rates, the USD rate increased to N1,471 per dollar, from the N1,467.99 kobo per $1 reported on Wednesday, December 24.
Join our WhatsApp ChannelThis indicates the naira depreciated in value by 0.20 percent in the parallel market.
Also, the pound continued to trade flat in the black market, as the exchange rate stood at N2,204.4 kobo per £1, indicating the naira has neither appreciated nor depreciated against the British currency for more than a month.
Similarly, the naira continues to hold its ground against the euro, as the exchange rate for the European currency stood at N1,753.5 kobo per €1.
Also, in the Nigerian foreign exchange market (NFEM), also known as the official window, the dollar rate dropped by N4.6 kobo to N1,446.4 kobo per $1, from the N1,451/$1 reported on Wednesday.
This represents an appreciation of 0.31 percent in the value of the naira.
According to the official window data provided by the Central Bank of Nigeria (CBN), the dollar was traded as high as N1,450 per USD and as low as N1,438.15 kobo per $1.
The naira also appreciated by 0.22 percent to N1,696.81 kobo per €1, as the European currency exchange rate decreased by N3.9 kobo from N1,700.71 kobo per €1.
In the same vein, the exchange rate for the pound dropped by N3.91 kobo to N1,944.98 kobo per £1, from N1,948.89 kobo/£1, indicating the naira appreciated by 0.20 percent.
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