Prime Business Africa
In the black market on Thursday, December 18, the naira depreciated against the United States dollar (USD) by 0.13 percent to N1,489.01/$1, from the N1,487.01/$1 reported on Wednesday, December 17.
According to Naira Rates data, while the foreign exchange (FX) rate for the dollar increased by N2, that of the pound was stable, retaining the N2,204.4 per £1 recorded in the parallel market the previous day.
Join our WhatsApp ChannelAlso, the naira did not shed its value against the euro, as the foreign exchange rate for the European currency remained unchanged at N1,853.7 per euro in the black market.
However, in the Nigerian foreign exchange market (NFEM), also known as the official window, the dollar rate closed at N1,462.9 per USD on Thursday, compared to the N1,458.02/$1 reported on Wednesday.
This represents an increase of N4.88 kobo in the exchange rate for the dollar and a 0.33 percent decline in the value of the naira.
According to the official window data provided by the Central Bank of Nigeria (CBN), the dollar traded as high as N1,462.9 per USD and as low as N1,456.5/$1, but closed at N1,462.9 per dollar.
During trading the previous day, CBN said the exchange rate for the United States currency was as high as N1,460.75 per USD and as low as N1,458.02 per dollar before settling at N1,458.02/$1.
Also, the naira depreciated against the pound in the official window, as the exchange rate for the British currency increased by N14.79 kobo to N1,957.35 kobo/£1, compared to the N1,942.56 kobo/£1 reported the day before.
While the naira depreciated by 0.76 percent against the pound, it depreciated by 0.33 percent against the euro, after the European currency exchanged at N1,711.79 per €1 on Thursday.
The euro’s exchange rate had increased by N5.66 kobo from the N1,706.13 kobo reported the previous day, according to the apex bank.
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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.
