Prime Business Africa
In the black market on Monday, April 27, the United States dollar (USD) traded at N1,395.79 kobo per $1, the same rate the American greenback exchanged on Friday, April 24.
For the pound, the foreign exchange (FX) rate increased by N10 during trading in the black market, as the naira depreciated by 0.52 percent against the British currency.
Join our WhatsApp ChannelAccording to the black market aggregator, Naira Rates, the pound was traded at N1,929.99 kobo per £1 by the traders, compared to the N1,919.99 kobo per £1 offered during trading on Friday.
However, the euro continues to trade flat in the black market, as the European currency was exchanged at N1,641 per €1 on Monday, the same rate the euro traded on Friday.
In the Nigerian foreign exchange market (NFEM) on Monday, the dollar traded at N1,364.23 kobo per USD, compared to the N1,358.43 kobo per $1 reported by the Central Bank of Nigeria (CBN) on Friday.
Based on the NFEM data provided by the CBN, the dollar exchange rate increased by N5.8 kobo, while the naira depreciated against the USD by 0.42 percent.
The CBN data also reported that the American greenback exchange rate hit a high of N1,370 per $1 and a low of N1,359.5 kobo per USD, before closing at N1,369 kobo per dollar.
In addition, traders in NFEM, also known as the official window, offered the pound at an exchange rate of N1,847.04 per £1 on Monday, compared to Friday’s N1,833.34 kobo per £1.
This represents an increase of N13.7 kobo in the foreign exchange rate for the British currency, and a 0.74 percent depreciation in the value of the naira against the pound in the official window.
Also, the apex bank reported that the naira depreciated against the euro by 0.72 percent, as the foreign exchange rate for the European currency appreciated by N11.56 kobo.
The euro had traded at N1,601.70 kobo per €1 in the official window on Friday, above the N1,590.14 kobo per €1 reported on Thursday.
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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.
