Prime Business Africa
The foreign currency traders cut the foreign exchange (FX) rate of the United States dollar (USD) by N5.01 to N1,338.58 kobo per $1 in the Nigerian foreign exchange market (NFEM) on Thursday.
Dollar: Naira Appreciates By 0.37% In NFEM
With the foreign exchange rate of the dollar dropping from N1,343.59 kobo per $1, the naira appreciated by 0.37 percent against the United States currency in the NFEM.
Join our WhatsApp ChannelAccording to the Central Bank of Nigeria (CBN), the highest FX rate recorded was N1,345 per USD, and the lowest offer was N1,335 per $1, before trading closed at N1,336 per dollar.
Pound: Foreign Currency Traders Cut British Currency Rate
The FX rate for the pound dropped to N1,819.66 kobo per £1 during trading in the NFEM, also known as the official window, on Thursday, below the N1,827.27 kobo per £1 recorded the previous day.
This indicates foreign currency traders reduced the FX rate for the pound by N7.61 kobo in the official window, leading to the value of the naira appreciating by 0.41 percent against the British currency.
Euro: Naira Appreciates By 0.38% Against European Currency
The value of the euro also dropped in the official window on Thursday, as foreign currency traders exchanged the European currency at N1,559.53 kobo, compared to the N1,565.51 kobo per €1 reported the day before.
As the foreign exchange rate for the European currency dropped by N5.98 kobo, the naira appreciated by 0.38 percent against the euro in the official window.
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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.
