Prime Business Africa
During trading in the black market on Monday, April 13, the foreign exchange (FX) of the United States dollar traded flat at N1,397.79 kobo, which is the same price the US currency exchanged on Friday, April 10.
According to the black market aggregator, Naira Rates, the pound and the euro also recorded zero changed in their FX rate, as the British currency exchanged at N1,919.99 kobo per £1, while the European legal tender traded at N1,641 per €1.
Join our WhatsApp ChannelIn the Nigerian foreign exchange market (NFEM), the naira appreciated against the dollar by 0.17 percent, while the foreign exchange rate for the USD decreased by N2.43 kobo.
According to the Central Bank of Nigeria (CBN), the dollar traded at N1,356.88 kobo per $1 on Friday in the NFEM, also known as the official window, exchanging below the N1,359.31 kobo per USD reported on Thursday, April 9.
During trading in the official window, the financial industry regulator said the USD traded as high as N1,362.5 kobo per dollar, and also as low as N1,354.5 kobo per USD before closing at N1,355.25 kobo per $1.
The CBN NFEM data also showed that the naira depreciated in value against the euro by 0.21 percent, as the price for the European currency increased by N3.4 kobo during trading.
It was gathered that the foreign exchange rate for the euro increased in the official window to N1,591.99 kobo per €1 on Friday, surpassing the N1,588.59 kobo per €1 reported the day before.
In addition, the traders in the official window exchanged the British currency at N1,828.14 kobo per £1, according to the regulator of the foreign exchange market.
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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.
