Prime Business Africa
The United States dollar (USD) rate dropped to N1,352.99 kobo in the black market on Thursday, February 19, from the N1,388.77 kobo per dollar reported on Wednesday, February 18.
The black market rate dropped by N35.78 kobo, and the value of the naira increased by 2.57 percent, according to Naira Rates, the black market aggregator.
Join our WhatsApp ChannelAlso, the pound and the euro traded flat at N1,939.99 kobo per £1 and N1,689.99 kobo per €1, respectively, in the black market.
In addition, the official foreign exchange (FX) rate of the USD in the Nigerian foreign exchange market (NFEM) increased to N1,341.35 kobo per $1.
The official NFEM rate rose from the previous day’s N1,335.95 kobo per $1, representing a N5.4 kobo or 0.40 percent increase.
Also, the dollar’s highest rate during trading was N1,350 per USD, while the lowest rate was N1,332.25 kobo per $1 before closing at N1,346 per dollar.
According to the data obtained from the Central Bank of Nigeria (CBN), the pound’s FX rate depreciated to N1,805.18 kobo per £1 in the NFEM, from the N1,816.33 kobo per £1 reported on Wednesday.
The pound depreciated in value by N11.15 kobo or 0.61 percent against the naira in the NFEM, also known as the official market.
However, the euro’s FX rate dropped by N7.82 kobo or 0.49 percent from the N1,584.52 kobo per €1 reported on Wednesday, to N1,576.70 kobo per €1.
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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.
