Prime Business Africa
The United States dollar (USD) appreciated in the black market on Tuesday, April 14, after trading at N1,399.79 kobo per $1, above the N1,397.79 kobo per $1 reported on Monday, April 13.
According to data from the black market aggregator, Naira Rates, the foreign exchange (FX) rate for the United States currency increased by N2, while the value of the naira depreciated by 0.14 percent.
Join our WhatsApp ChannelAlso, the black market data showed that the pound and the euro recorded no changes in their foreign exchange rates, which remained at N1,919.99 kobo per £1 and N1,641 per €1, respectively.
In the Nigerian foreign exchange market (NFEM), also known as the official window, the USD depreciated by 0.91 percent to N1,343.76 kobo per $1, according to the Central Bank of Nigeria (CBN).
The CBN data on the NFEM market disclosed that the FX rate for the United States currency decreased by N12.42 kobo from the N1,356.18 kobo reported the previous day.
While the dollar rate eventually closed at N1,348 per USD, the United States currency traded as high as N1,350 per $1 and as low as N1,334 in the official window.
It was also gathered that the pound traded downward in the official window to N1,823.88 kobo per £1 on Tuesday, compared to the N1,824.48 kobo reported the day before.
While the foreign exchange rate for the pound decreased marginally by N0.6 kobo, that of the Euro dropped by N2.19 kobo in the official window, according to the CBN.
The NFEM data showed that the euro was exchanged by official window traders at N1,584.91 kobo per €1 on Tuesday, against the N1,587.1 kobo per €1 recorded 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.
