Prime Business Africa
On Tuesday, February 3, the United States dollar (USD) increased in value to N1,457.91 kobo per $1 in the black market, above the N1,454.99 kobo/$1 recorded on Monday, February 2.
The dollar rate increased by N2.92 kobo during trading in the black market, representing a 0.2 percent decline in the value of the naira.
Join our WhatsApp ChannelAccording to Naira Rates, the parallel market’s rate aggregator, the pound and the euro traded flat at N2,064.99 kobo per £1 and N1,747 per €1, respectively, during trading.
However, the official USD rate for the day in the Nigerian foreign exchange market (NFEM) is N1,372.91 kobo per dollar, compared to the N1,390.36 kobo per $1 reported the previous day.
It was gathered that the official rate declined by N17.45 kobo, while the naira appreciated by 1.25 percent.
Although during trading, the value of the American greenback had increased to as high as N1,387 per USD, and dropped to a low of N1,360 per $1 before closing at N1,367 per dollar.
The foreign exchange (FX) rate for the pound dropped to N1,876.91 kobo per £1, from the N1,898.82 kobo per £1 reported the day before in the NFEM, also known as the official window.
According to the data obtained from the Central Bank of Nigeria (CBN), the FX rate for the pound had decreased by N21.91 kobo, while the naira appreciated by 1.15 percent.
Also, the value of the euro depreciated against the naira by 1.50 percent or N24.75 kobo to N1,619.17 kobo per €1, from the N1,643.92 kobo per €1 reported on Monday.
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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.
