Prime Business Africa
In the official window on Monday, December 1, the foreign exchange rate for the dollar increased by N3.1 kobo after the naira depreciated by 0.21 percent at the close of trading.
According to data obtained from the Central Bank of Nigeria (CBN), the dollar exchanged at N1,450/$ on the Nigerian foreign exchange market (NFEM), compared to the N1,446.9/$ reported on Friday, November 28.
Join our WhatsApp ChannelThe data on NFEM, also known as the official window, showed that traders exchanged the United States currency (USD) for as high as N1,452 per dollar and as low as N1,445/$ before the American greenback closed at N1,450 per dollar.
In the parallel market, Naira Rates revealed that the naira depreciated against the dollar during trading, as the US currency traded for N1,473/$, surpassing the foreign exchange rate (N1,467.9/$) reported on Friday.
This indicates the foreign exchange rate increased by N5.1 kobo as the naira depreciated by 0.34 percent in the black market.
In addition, the gap between the official window and the parallel market widened on Monday, from N21 recorded on Friday to N23.
Also, there were no changes recorded in the foreign exchange rate for the British pound, as traders exchanged it for N2,204.4 kobo/£1 during trading in the parallel market, similar to Friday’s rate.
In the same vein, the black market traders were willing to accept N1,853.7 kobo per euro during trading on Monday, which is the same rate reported on Friday.
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