Prime Business Africa
The United States dollar (USD) continues to trade flat in the black market, according to the parallel market aggregator, Naira Rates, which reported the foreign currency exchanged at N1,393.78 kobo per $1 on Friday, April 17.
During trading in the parallel market, it was also gathered that the pound and euro recorded no changes, as both British and European currencies traded at N1,919.99 kobo per £1 and N1,641 per €1, respectively.
Join our WhatsApp ChannelIn the same vein, the United States currency traded largely flat in the official window, also known as the Nigerian foreign exchange market (NFEM), as foreign exchange traders exchanged the dollar at N1,343.63 kobo per $1.
This is a N0.11 kobo difference when compared to the N1,343.74 kobo per $1 recorded in the official window and reported by the Central Bank of Nigeria (CBN) on Thursday, April 16.
According to the CBN data on the official window, the foreign exchange rate for the American greenback had increased as high as N1,348 per $1, and dropped as low as N1,340 per USD before closing at N1,342.5 kobo per dollar.
However, there was a substantial change in the foreign exchange rate for the pound in the official window, as it increased to N1,823.71 kobo per £1, rising above the N1,818.68 kobo per £1 reported the previous day.
This represents a N5.03 in the foreign exchange rate for the British currency, while the naira depreciated in value by 0.27 percent, according to the apex bank’s NFEM data.
Also, there was an increase in the foreign exchange rate for the euro, which grew to N1,590.54 kobo per €1 in the official window, rising above the N1,580.51 kobo per €1 reported the day before.
Based on the official window data, this indicates the naira depreciated against the euro by 0.63 percent as the foreign exchange rate for the European currency increased by N10.03.
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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.
