Prime Business Africa
The gap between the exchange rates for the United States dollar (USD) in the official window and the parallel market reduced from N49.75 kobo on Thursday, December 11, to N34.47 kobo on Friday, December 12.
According to the Naira Rate data, the rate for the American greenback decreased to N1,489.97 kobo in the parallel market, from the N1,505/$ reported the previous day.
Join our WhatsApp ChannelThis represents a decrease of N15.03 in the exchange rate and a depreciation of 0.99 percent in the value of the naira.
Also, the exchange rate for the euro remained the same at N1,853.7 per €1, and the British pound also traded flat against the naira, trading at N2,204.4 kobo per £1 in the black market.
However, in the official window, also known as the Nigerian foreign exchange market (NFEM), the naira was relatively stable against the dollar, as the exchange rate for the USD stood at N1,455.50 per USD on Friday.
This is N0.25 kobo higher than the N1,455.25/$ reported the day before, according to the NFEM data obtained from the Central Bank of Nigeria (CBN).
Although, during trading, the American greenback traded as high as N1,458.5 kobo per dollar, and as low as N1,453 per USD.
Also, the pound depreciated against the naira to N1,945.48 kobo/£1, from the previous day’s N1,949.43 kobo per pound, reflecting a N3.95 kobo decrease in the exchange rate for the British currency, and a 0.20 percent appreciation in the value of the naira.
However, the naira was relatively stable against the euro, as the exchange rate for the European currency increased marginally by N0.1 kobo to N1,705.87 kobo/€1, from the N1,705.77 kobo/€1 recorded the day before.
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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.
