Prime Business Africa
The value of the United States dollar (USD) decreased marginally to N1,386.01 per USD in the black market on Monday, from the N1,386.77 kobo per dollar recorded on Friday, representing a drop of N0.76 kobo.
However, the value of the pound and the euro remain static, with the British currency trading at N1,909.99 kobo per £1 and the European legal tender exchanging at N1,667 per €1.
Join our WhatsApp ChannelIn the Nigerian foreign exchange market (NFEM), foreign exchange (FX) traders exchanged the United States currency at official rate of N1,373.16 kobo per dollar, according to the Central Bank of Nigeria (CBN).
The foreign exchange rate for the dollar increased by N11.77 Kobo from the N1,361.39 kobo per $1 recorded on Friday, indicating the naira depreciated in value by 0.86 percent against the American greenback.
In addition, the CBN reported that the highest dollar rate in the NFEM was N1,375 per USD and the lowest rate was N1,367 per $1, before the United States currency closed trading at N1,375 per dollar.
Also, the NFEM, known as the official window, recorded a N17.4 kobo increase in the foreign exchange rate of the pound, which increased to N1,870.39 kobo per £1.
The exchange rate for the pound increased from the N1,852.99 kobo per £1 recorded in the official window on Friday, indicating the naira depreciated in value by 0.93 percent against the British currency.
In the same vein, the official window traders raised the foreign exchange rate for the euro to N1,617.82 kobo per €1, compared to the N1,602.04 per €1 recorded on Friday.
This represents a N15.78 kobo increase in the foreign exchange rate for the Euro, while it indicates the naira depreciated by 0.98 percent against the European currency in the NFEM.
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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.
