Prime Business Africa
Foreign currency traders in the Nigerian foreign exchange market (NFEM), also known as the official window, exchanged the official United States dollar (USD) at N1,373.25 per USD on Friday.
According to the Central Bank of Nigeria (CBN), the foreign exchange (FX) rate for the United States currency decreased from N1,375.40 kobo per $1 reported on Tuesday.
Join our WhatsApp ChannelThis represents a N2.15 kobo depreciation in the foreign exchange rate for the dollar and a 0.15 percent appreciation in the value of the naira against the United States currency in the official window.
Nigeria’s foreign exchange market did not open on Wednesday and Thursday due to the public holiday announced by the federal government to mark the the Eid-el-Kabir.
However, during trading in the official window, the highest rate the dollar was offered is N1,375 per USD, while the lowest the American greenback was traded is N1,372/$1, which is the same exchange rate the USD closed at.
In addition, the foreign currency traders exchanged the pound at N1,847.94 kobo per £1 on Friday, according to the CBN, compared to the N1,851.58 kobo per £1 recorded on Tuesday.
This indicates the foreign exchange rate for the pound decreased by N3.64 kobo in the official window, while the naira appreciated by 0.19 percent against the British currency.
Also, the financial institution said the euro was offered at N1,600.90 kobo per €1 in the official window on Friday, compared to the N1,598.74 kobo per €1 reported on Tuesday.
With the N2.16 kobo increase in the foreign exchange rate for the euro, the naira depreciated by 0.13 percent against the European currency in the official window.
For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: [email protected] and [email protected]
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.
