Prime Business Africa
The naira gained against the United States dollar (USD) in the black market on Tuesday, April 21, after exchanging at N1,388.99 Kobo per dollar, compared to the N1,392.99 kobo the American greenback traded on Monday, April 19.
This indicates the foreign exchange (FX) rate for the United States currency decreased by N0.23 kobo in the black market, while the naira appreciated by 0.23 percent, according to the parallel market, the Naira Rates.
Join our WhatsApp ChannelAlso, the foreign exchange rate for the pound remained unchanged according to the black market aggregator, which reported the British currency traded at N1,919.99 kobo per £1.
In the same vein, the euro recorded no changes in its foreign exchange rate in the parallel market, where black market traders exchanged the European currency at N1,641 per €1.
Also, the official dollar rate increased to N1,350.74 kobo per $1 in the Nigerian foreign exchange market (NFEM), also known as the official window, compared to the N1,349.67 Kobo per dollar recorded on Monday.
This represents a N1.07 increase in the foreign exchange rate for the USD in the official window and a 0.07 percent depreciation in the value of the naira, according to the data provided by the Central Bank of Nigeria (CBN).
According to the data, the official window traders traded the dollar as high as N1,357 per USD and as low as N1,345 per $1, before the exchange rate closed at N1,350.99 kobo per dollar.
In addition, the pound exchange rate dropped to N1,825.79 Kobo per £1 in the official window on Tuesday, below the N1,826.10 kobo per £1 recorded the day before, representing a decrease of N0.31 kobo.
The euro traded at N1,588.82 kobo per €1, representing a N0.04 increase in the official window, when compared to the N1,588.78 kobo per €1 reported on Monday.
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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.
