Prime Business Africa
The naira loses ground against the United States dollar (USD) on Tuesday after foreign currency traders increased the foreign exchange (FX) rate for the USD to N1,370.63 kobo per $1 in the official window.
USD: Naira Slumps As Dollar Rate Rises Marginally By N1
According to data from the Central Bank of Nigeria (CBN), the dollar rate was increased by N1.53 kobo in the official window, from the N1,369.10 kobo the American greenback was traded on Monday, indicating the naira appreciated by 0.11 percent.
The highest FX rate offered by the foreign currency traders for a dollar was N1,375, while the lowest rate was N1,365.5 kobo, before the United States currency closed trading at N1,373 per USD.
Join our WhatsApp ChannelPound: FX Rate For British Currency Drops By N4
FX traders were willing to trade the pound at a lower rate of N1,810.08 per £1 in the official window on Tuesday, compared to the N1,814.77 kobo per £1 offered during trading the previous day.
As the pound sold for N4.69 kobo lower in the official window, also known as the Nigerian foreign exchange market (NFEM), the value of the naira increased against the British currency by 0.25 percent.
Euro: European Currency Trades Downward Against Naira
Also, the FX rate for the euro was reduced by N5.38 kobo in the official window on Tuesday, from the N1,565.82 kobo per €1 reported the day before, according to the data from the CBN.
This indicates the European currency’s FX rate was dropped to N1,560.44 kobo during trading in the official window, a move that strengthened the naira against the euro by 0.34 percent.
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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.
