Prime Business Africa
The value of the United States dollar (USD) dropped on Thursday, after foreign currency traders exchanged the American greenback at N1,315.67 kobo per $1 in the Nigerian foreign exchange market (NFEM).
Dollar: USD Depreciates Against Naira By N11
Foreign exchange (FX) traders cut their asking price by N11.01 from the N1,326.68 kobo per $1 offered during trading on Wednesday, leading to the naira appreciating by 0.82 percent against the dollar.
Join our WhatsApp ChannelData obtained from the Central Bank of Nigeria (CBN) showed that N1,324 per $1 was the highest rate at which the USD was traded on the NFEM, while N1,302 per $1 was the lowest rate at which the US currency was exchanged, and N1,322.5 kobo per dollar was the closing price.
Pound: NFEM Traders Cut British Currency By N12
The foreign exchange rate of the pound dropped to N1,777.98 kobo per £1 in the NFEM, also known as the official window, below the N1,790.48 kobo per £1 recorded the previous day.
According to the CBN’s data, the British currency rate declined by N12.5 kobo, resulting in the naira appreciating by 0.69 percent against the pound in the official window.
Euro: Naira Extends Gain Against European Currency
In the official window, the FX rate of the euro was cut by N8.83 kobo by the foreign currency traders, after they exchanged the European currency at N1,529.01 per €1.
The foreign exchange traders reduced the European currency rate from the N1,537.84 kobo per €1 offered during trading the day before, leading to the value of the naira rising by 0.57 percent against the euro.
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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.
