Prime Business Africa
In the Nigerian foreign exchange market (NFEM), also known as the official window, the dollar recorded a N0.5 kobo decline, after trading at N1,420/$1 on Thursday, January 15.
The foreign exchange (FX) rate for the United States currency increased from the N1,419.5 kobo per dollar recorded on Wednesday, January 14, representing a 0.03 percent decline in the value of the naira.
Join our WhatsApp ChannelDuring trading, the United States dollar (USD) traded as high as N1,422 per $1 and as low as N1,418 per USD before closing at N1,420/$1.
Also, the pound depreciated by 0.92 percent or N17.73 kobo against the naira after trading at N1,892.68 kobo per £1, compared to the previous day’s N1,910.41 kobo per £1.
The foreign exchange rate of the euro declined to N1,649.33 kobo per €1, from the N1,654.89 kobo per €1 recorded on Wednesday, indicating the naira depreciated by 0.33 percent or N5.56 kobo.
In addition, the dollar rate increased to N1,484.99 kobo per dollar in the black market, from N1,482.99 kobo per dollar, according to Naira Rates, the parallel market aggregator.
This represents a 0.13 percent decline in the value of the naira and a N2 increase in the foreign exchange rate for the United States currency.
However, there were no changes in the foreign exchange rates for the pound and euro, as both currencies traded flat at N2,034.99 kobo per £1, and N1,753.5 per €1, respectively.
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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.
