Prime Business Africa
The Nigerian foreign exchange market (NFEM) recorded a N6.21 kobo decline on Tuesday, after the foreign currency traders offered the United States dollar (USD) at N1,343.32 kobo per USD.
Dollar: Naira Strengthens Against Dollar In FX Markets
NFEM data obtained from the Central Bank of Nigeria (CBN) showed that the American greenback declined from N1,349.53 kobo per $1 recorded on Monday, leading to the value of the naira appreciating by 0.46 percent against the USD.
Join our WhatsApp ChannelThe highest rate the dollar was offered by the traders was N1,353.5 kobo per USD, while the lowest rate it was exchanged was N1,340 per $1, before closing trading at N1,350.7 kobo per USD.
However, Naira Rates, the black market aggregator, said the dollar was offered at N1,401 per $1 in the parallel market, compared to the previous day’s N1,404.99 kobo per $1.
This represents a N3.99 kobo decline in the dollar rate, while it indicates the naira appreciated by 0.28 percent against the American greenback in the parallel market.
Pound: British Currency FX Rate Drops In NFEM, Static In Black Market
The foreign exchange (FX) rate for the pound was reduced to N1,818.58 kobo per £1 in the NFEM, compared to the N1,829.42 kobo per £1 recorded during trading on Monday.
This represents a N10.84 kobo decline in the FX rate of the British currency and a 0.59 percent growth in the value of the naira in the NFEM, also known as the official window.
Naira Rates reported that black market traders retained the previous day’s asking price, as the pound was offered at N1,901.89 kobo per £1.
Euro: Naira Strengthens Against European Currency As Traders Reduce Rate
Also, the official window traders dropped their offering price for the euro to N1,555.65 kobo per €1 on Tuesday, below the N1,564.20 kobo per €1 reported on Monday.
According to the CBN’s data, the traders in the NFEM reduced the FX rate of the euro by N8.55 kobo, resulting in the naira appreciating by 0.54 percent against the European currency.
However, the naira neither gained nor lost against the euro in the black market, as the parallel market aggregator said the European currency was exchanged at N1,611.6 kobo per £1, which is the previous day’s FX rate.
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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.
