Prime Business Africa
In the black market on Wednesday, February 11, the foreign exchange (FX) rate of the United States dollar (USD) was N1,441 per $1, which is the same price the American greenback was traded on Tuesday, February 10.
For the pound, the FX rate dropped further by N25 to N1,989.99 kobo per £1 in the black market, according to the parallel market aggregator, Naira Rates.
Join our WhatsApp ChannelThe FX rate for the British currency dropped from N2,014.99 kobo per £1 reported during trading the previous day, indicating the naira appreciated in value by 1.24 percent.
Also, the euro depreciated against the naira by 0.17 percent as the FX rate for both currencies dropped by N2.99 kobo in the black market.
The euro was traded at N1,726 per €1 at Wednesday, falling slightly below the N1,728.99 kobo per €1 recorded in the parallel market on Tuesday.
In addition, N1,348.95 kobo per dollar was recorded as the official rate of the USD in the Nigerian foreign exchange market (NFEM), also known as the official window.
The official rate decreased by N2.07 or 0.15 percent from the N1,351.02 per USD recorded in the official window on Tuesday.
Although the FX rate for the American greenback increased to N1,351 per dollar, the highest level during trading, it also dropped to N1,345 per $1, the lowest rate before closing at N1,350 per USD.
The official market also saw a N6.49 kobo decline in the FX rate for the pound, which dropped from N1,845.89 kobo per £1 to N1,839.42 kobo per £1.
Similarly, the euro’s FX rate dropped to N1,599.53 kobo per €1, from the N1,605.90 kobo per €1 reported in the official window the day before, representing a decrease of N6.37 kobo.
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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.
