Prime Business Africa
The foreign exchange (FX) rate of the United States dollar (USD) remained unchanged in the black market on Wednesday, as the American greenback traded flat at N1,478 per $1.
Data obtained from Naira Rates, a black market rate aggregator, showed that the naira also maintained its value against the pound during trading, as both currencies exchanged at N2,204.4 kobo per £1, the same rate reported on Tuesday, December 30.
Join our WhatsApp ChannelSimilarly, there were no changes in the foreign exchange rate of the euro, as the European currency’s value in naira stood at N1,753.5 kobo per €1 in the black market.
However, the story was different in the Nigerian foreign exchange market (NFEM), also known as the official window, as the USD exchange rate decreased by N16.
According to the official window data provided by the Central Bank of Nigeria (CBN), the value of the dollar decreased to N1,429 per $1, compared to the N1,445 per USD recorded the day before, indicating the naira appreciated by 1.10 percent.
The CBN reported that the highest the dollar traded during business hours was N1,439.5 kobo per USD, and the lowest the American greenback was traded was N1,427/$1.
Also, the naira appreciated by 0.89 percent against the pound, after trading at N1,933.57 kobo per £1, compared to the previous day’s N1,950.99 kobo per £1.
This represents a N17.42 kobo decline in the value of the British currency.
In addition, the value of the naira increased against the euro, as the European currency traded at N1,687.28 kobo per €1, below the N1,699.67 kobo/€1 recorded on Tuesday.
According to the CBN data, this means the naira appreciated by 0.72 percent, and the exchange rate for the euro decreased by N12.39 kobo.
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