Prime Business Africa
The United States dollar (USD) rate declined to N1,421.5 kobo in the Nigerian foreign exchange market (NFEM), also known as the official window, on Thursday, January 22.
According to the data obtained from the Central Bank of Nigeria (CBN), the official window recorded a N1.5 kobo decline in the dollar rate, which dropped from the N1,423 per $1 recorded on Wednesday, January 21.
Join our WhatsApp ChannelThis indicates the naira appreciated in value by 0.10 percent in the Nigerian foreign exchange market.
The data showed that during trading hours in the official market, the highest the dollar traded was N1,423.5 kobo per USD, while the lowest rate was N1,421 per $1.
In addition, the foreign exchange rate for the pound decreased to N1,907.88 kobo per £1 in the official market, as the naira appreciated marginally against the British currency by 0.01 percent.
The foreign exchange rate had declined by N0.29 kobo from the N1,908.17 kobo per £1 reported the previous day, according to the NFEM data.
Also, the euro was traded at N1,665.36 kobo per €1 in the Nigerian foreign exchange market, compared to the N1,664.89 kobo per €1 recorded the day before.
This implies the rate for the European currency increased by N0.47 kobo, while the naira depreciated slightly in value by 0.02 percent against the euro.
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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.
