Prime Business Africa
The United States dollar (USD) was traded at N1,379.99 kobo per USD by traders in the black market on Monday, dropping from the N1,399.79 kobo per dollar reported on Friday.
According to data obtained from the parallel market aggregator, the dollar rate was reduced by N19.8 kobo in the black market, while the naira appreciated against the USD by 1.41 percent.
Join our WhatsApp ChannelAlso, the pound traded downward in the black market, as traders offered foreign exchange (FX) rate of N1,919.99 kobo per £1, compared to the N1,929.99 kobo per £1 reported on Friday.
This represents a 0.51 percent appreciation in the value of the naira against the pound, while the foreign exchange rate decreased by N10 in the black market.
However, the naira depreciated against the euro by 1.58 percent during trading in the black market on Monday, as traders exchanged the European currency at N1,667 per €1.
Black market traders saw a N26 decline in the foreign exchange rate for the euro, as the value of the European currency increased from the N1,641 per €1 reported on Friday.
In the Nigerian foreign exchange market (NFEM), the dollar traded at N1,365.24 kobo per USD, decreasing by N9.7 or 0.7 percent from the N1,374.94 kobo per dollar reported on Thursday.
The NFEM did not open for trading on Friday due to the public holiday to celebrate Workers’ Day.
It was gathered that the dollar rate increased as high as N1,374.5 kobo per $1 and dropped as low as N1,362 per dollar, but closed at N1,367.5 kobo per USD in the NFEM, also known as the official window.
Also, the FX rate for the pound decreased by N6.98 kobo to N1,850.57 kobo per £1 during trading in the official window, where the British currency traded at N1,857.55 kobo per £1 on Thursday.
In the official window, the euro was traded at N1,598.37 kobo per €1, compared to the N1,606.99 kobo per €1 reported on Thursday, representing an increase of N8.62 kobo or 0.53 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.
