Prime Business Africa
The foreign exchange (FX) rate of the United States dollar (USD) was reduced by N2.92 kobo to N1,357.65 kobo per $1 in the Nigerian foreign exchange market (NFEM) on Thursday.
Dollar: Official Window Records 0.21% Appreciation In Naira
The dollar rate increased from N1,360.57 kobo per $1 recorded on Wednesday, leading to the naira appreciating by 0.21 percent in value against the USD, according to the NFEM portal of the Central Bank of Nigeria (CBN).
Join our WhatsApp ChannelDuring trading, the highest the dollar was traded was N1,359.5 kobo per USD, while the lowest the American greenback was exchanged was N1,356 per $1, the same rate recorded at the close of trading.
However, the foreign exchange rate of the dollar was not changed in the black market, according to Naira Rates, the parallel market aggregator, which said N1,404.99 kobo per $1 was offered on Thursday.
Pound: Naira Appreciates Against British Currency
About N1,833.37 kobo was offered for £1 in the NFEM, also known as the official window, on Thursday, below the N1,840.32 kobo per £1 recorded during trading the previous day.
Following a N6.95 kobo decline in the pound, the value of the naira increased by 0.37 percent against the British currency in the official window on Thursday.
However, traders in the black market experienced a different outcome, as the pound traded flat at N1,901.89 kobo per £1, according to the aggregator.
Euro: Official Window FX Rate Drops To N1,566/$1
In the official window, the euro was exchanged by the foreign currency traders at N1,566.42 kobo per €1, compared to the previous day’s N1,571.43 kobo per €1.
This represents a N5.01 decline in the foreign exchange rate of the European currency, while this raised the value of the naira by 0.31 percent against the euro.
However, the value of the naira neither appreciated nor depreciated in the parallel market, where it was traded at N1,611.6 kobo per £1.
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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.
