Prime Business Africa
The United States dollar (USD) was traded at N1,326.68 kobo per $1 on Wednesday in the Nigerian foreign exchange market (NFEM), compared to the N1,329.43 kobo per USD recorded on Tuesday.
Dollar: NFEM Records N2 Decline In USD Rate
Foreign currency traders reduced the foreign exchange (FX) rate of the dollar by N2.75 kobo, a move that increased the value of the naira by 0.20 percent against the American greenback.
Join our WhatsApp ChannelThis is according to data obtained from the Central Bank of Nigeria (CBN), which also disclosed that N1,336 per USD and N1,323 per $1 were the highest and lowest FX rate recorded during trading.
However, the CBN data covering the NFEM, also known as the official window, showed that the American greenback later closed at N1,324.5 kobo per dollar on Wednesday.
Pound: Naira Appreciates By 0.50% Against British Currency
The pound extended its decline trend in the official window, where it traded at N1,790.48 kobo per £1, compared to the N1,799.50 kobo per £1 offered by the foreign exchange traders during trading the previous day.
This represents a N9.02 decline in the foreign exchange rate of the British currency and a 0.50 percent appreciation in the naira against the pound, according to the NFEM data.
Euro: FX Traders Sell European Currency At N1,537/€
For the euro, FX traders offered N1,537.84 kobo per €1 in the official window on Wednesday, compared to the N1,541.42 kobo per €1 recorded during trading the previous day.
They reduced their asking price by N3.58 kobo in the official window, according to the CBN data, resulting in the naira appreciating by 0.23 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.
