Prime Business Africa
About N1,375.40 kobo was offered for the official United States dollar (USD) in the Nigerian foreign exchange market (NFEM) on Tuesday, according to data obtained from the Central Bank of Nigeria (CBN).
The CBN data showed that the official USD increased marginally by N0.49 kobo when compared to the N1,374.91 kobo per $1 recorded in the NFEM on Monday.
Join our WhatsApp ChannelIt was further disclosed that the highest rate the dollar traded in the NFEM was N1,376.99 kobo per USD, while the lowest level reached was N1,374 per $1, the same rate the USD closed.
In NFEM, also known as the official window, the foreign currency traders exchanged the pound at N1,851.58 kobo per £1 on Tuesday, declining from the N1,855.05 per £1 recorded the previous day
This represents a N3.47 kobo decline in the foreign exchange (FX) rate for the pound during trading in the official window, while the naira appreciated by 0.18 percent against the British currency.
Also, the CBN revealed that the euro was traded downward by the foreign currency traders, as N1.35 kobo was deducted from the N1,600.09 per €1 recorded on Monday in the official window.
This reduced the foreign exchange rate for the euro to N1,598.74 kobo per €1 during trading in the official window on Tuesday, while it increased the value of the naira by 0.08 percent.
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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.
