Prime Business Africa
The naira traded against the United States dollar (USD) at N1,380.07 per $1 in the Nigerian foreign exchange market (NFEM), also known as the official window, on Wednesday.
According to the Central Bank of Nigeria (CBN), the foreign exchange (FX) rate for the American greenback was increased by the foreign currency traders from N1,370.63 kobo per $1 reported on Tuesday.
Dollar: Naira Continues To Depreciate Against USD
The foreign currency traders were willing to trade the dollar at N9.44 kobo more on Wednesday than they offered the day before, resulting in the naira depreciating in value by 0.68 percent in the official window.
Join our WhatsApp ChannelCBN data on the official window trading activities showed that FX traders’ highest offer during trading on Wednesday was N1,392 per USD, while the lowest FX rate offered was N1,368 per $1, before closing at N1,389 per dollar.
Pound: British Currency Increases In Value Against Naira
The naira also depreciated in value against the pound by N4.89 kobo, after FX traders increased the foreign exchange rate for the British currency by N0.27 kobo in the official window on Wednesday.
During trading in the official window, the pound was traded at N1,814.97 kobo per £1, exceeding the N1,810.08 per £1 offered by foreign exchange traders the previous day.
Euro: Naira Depreciates As European Currency Sells For N1,562/€1
The foreign exchange rate for the euro was increased slightly by N2.05 in the official window on Wednesday, where the European currency was traded at N1,562.49 kobo per €1.
According to the financial regulator’s data, the value of the euro increased from the N1,560.44 kobo per €1 reported the day before, while the naira depreciated in value by 0.13 percent against the European currency.
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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.
