Prime Business Africa
The Nigerian foreign exchange market (NFEM) recorded a N3.42 kobo increase in the foreign exchange (FX) rate for the United States dollar (USD), after the American greenback traded at N1,383.07 per $1 on Tuesday.
Dollar: Traders Raise USD Rates In Official, Black Markets
Traders in the NFEM, also known as the official window, offered the dollar above the FX rate of N1,379.65 kobo per $1 recorded on Tuesday, leading to the naira depreciating in value by 0.24 percent against the USD.
This was disclosed by the Central Bank of Nigeria’s (CBN) NFEM portal, which also revealed that the USD’s highest rate during trading was N1,386.99 kobo per $1 and the lowest was N1,381 per dollar, before closing at N1,382 per $1.
Join our WhatsApp ChannelThe American greenback rate also increased by N2.99 kobo in the black market, according to the parallel market rate aggregator, Naira Rates, selling at N1,404.99 kobo per USD, above the previous day’s N1,402 per dollar.
Pound: Naira Depreciates Against British Currency In FX Markets
In the official window, the pound traded at N1,854.31 kobo per £1, compared to the N1,847.5 kobo offered for the British currency during trading on Tuesday.
With the foreign exchange traders increasing the FX rate for the pound by N6.81 kobo, the value of the naira depreciated by 0.36 percent during trading.
Also, the traders in the black market raised their rates for the pound to N1,918.95 kobo per £1, a move that led to the naira depreciating by 0.69 percent against the British currency.
The parallel market traders increased the FX rate for the pound by N13.32 kobo when compared to the N1,905.63 kobo per £1 reported during trading the day before.
Euro: Naira Records Mixed Fortunes Against European Currency
The foreign exchange rate for the euro increased to N1,583.18 kobo per €1 in the official window on Tuesday, rising by N7.37 kobo, according to the CBN NFEM data.
As the FX rate for the euro increased from the N1,575.81 kobo per €1 reported on Monday, the naira depreciated by 0.46 percent against the European currency.
However, the euro depreciated in the black market by N21.48 kobo to N1,626.06 per €1, compared to the N1,647.54 kobo per €1 recorded during trading the previous day.
This led to the naira appreciating by 1.30 percent against the European currency in the black market, according to the aggregator.
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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.
