Prime Business Africa
In the black market on Friday, traders exchanged the United States dollar (USD) at N1,386.77 kobo per USD, the same foreign exchange (FX) rate reported for the US currency on Thursday.
According to the parallel market aggregator, Naira Rates, the exchange rate for the pound also remained unchanged in the black market, as the British currency traded at N1,909.99 kobo per £1.
Join our WhatsApp ChannelIn the same vein, the black market traders retained the exchange rate for the euro recorded on Thursday, after trading the European currency at N1,667 per €1 on Friday.
Also, the Central Bank of Nigeria (CBN) reported that the official dollar rate in the Nigerian foreign exchange market (NFEM) was N1,361.39 kobo per $1, as the USD appreciated in value by N5.54 kobo.
According to the CBN, which provides data on the NFEM, the official dollar rate increased from the N1,355.85 kobo per $1 recorded the day before, while the naira depreciated in value by 0.40 percent.
The highest FX rate for the dollar was N1,366.5 Kobo per $1 and the lowest rate was N1,355 per USD during trading in the NFEM, before the dollar rate closed at N1,364 per $1.
In the data, the CBN revealed that the pound also appreciated against the naira by 0.46 percent during trading in the NFEM, as the foreign exchange rate for the British currency increased by N8.5 kobo.
The FX rate for the pound increased to N1,852.99 kobo per £1 on Friday in the NFEM, also known as the official window, rising above the N1,844.49 kobo per £1 reported on Thursday.
The data also showed that the euro was traded upward to N1,602.04 per €1 in the official window on Friday, compared to the N1,592.67 kobo per €1 reported the previous day, representing an increase of N9.37 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.
