Prime Business Africa
The black market recorded a N3.36 kobo decline in the foreign exchange (FX) rate for the United States dollar (USD), as the American currency traded at N1,422.99 kobo on Monday, March 30.
This indicates the naira appreciated by 0.23 percent against the USD, as the dollar traded at N1,426.35 kobo on Friday, March 27, according to the Naira Rates, the black market aggregator.
Join our WhatsApp ChannelAlso, the pound and the euro traded at N1,919.99 kobo per £1 and N1,641 per €1, respectively, in the parallel market, as both currencies recorded no movement compared to the rate reported on Friday.
However, the price of the official window dollar surpassed the N1,380.57 kobo per USD reported on Friday, rising by N3.01 to N1,383.58 kobo per $1 on Monday, according to data obtained from the Central Bank of Nigeria (CBN).
This indicates the gap between the official and the black markets decrease to N39.41 kobo, from N45.78 kobo on Monday.
Also, according to the data, the highest rate for the dollar during trading in the official window was N1,391/$1, and the lowest rate was N1,380 per USD, before closing at N1,386.75 kobo.
During trading in the official window, also known as the Nigerian foreign exchange market (NFEM), the pound traded at N1,824.28 kobo/£1, compared to the N1,836.32 kobo per £1 recorded on Friday, representing a N12.04 decrease.
Additionally, the euro was traded at N1,585.70 kobo per £1 in the NFEM, down by N5.8 kobo below the N1,591.50 kobo per €1 reported on Friday, indicating the naira appreciated against the European currency by 0.36 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.
