Prime Business Africa
The foreign exchange (FX) rate for the United States dollar (USD) in the parallel market was N1,421 per $1 on Monday, March 9, surpassing the N1,417.34 kobo per $1 recorded on Friday, March 6.
Also, the pound traded at N1,926.14 kobo per £1, below the N1,929.99 kobo per £1 reported on Friday in the black market.
Join our WhatsApp ChannelIn the same vein, the value of the euro depreciated in the black market to N1,647.7 kobo per €1, compared to the N1,651 per €1 the European currency was exchanged on Friday.
Also, in the Nigerian foreign exchange market (NFEM), the official dollar rate for the day was N1,405.62 kobo per USD, up from N1,393.25 kobo per $1.
During trading, the FX rate for the US currency rose to N1,425 per dollar, the highest level for the day, and dropped to a low of N1,402.3 kobo per USD, before closing at N1,425 per $1.
The pound also increased in value in the NFEM, also known as the official window, as it traded at N1,862.39 kobo per £1, rising from N1,859.32 kobo per £1.
Similarly, the FX rate for the euro rose to N1,611.55 kobo per €1 on Monday, exceeding the N1,610.86 kobo per €1 recorded on Friday.
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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.
