Prime Business Africa
The value of the United States dollar (USD) dropped to N1,346.49 kobo per $1 in the Nigerian foreign exchange market (NFEM) on Friday, below the N1,347.62 kobo per $1 reported on Thursday.
Dollar: FX Traders Cut USD Rate By N1
According to the Central Bank of Nigeria’s (CBN) NFEM data, the foreign exchange (FX) rate for the dollar decreased by N1.13 kobo, while the naira appreciated by 0.08 percent against the USD.
Join our WhatsApp ChannelThe highest FX rate of the American greenback recorded during trading on Friday was N1,348 per $1, while the lowest rate offered was N1,342 per $1, before the dollar rate closed at N1,346.9 kobo per $1.
In the black market, the foreign exchange trader exchanged the United States currency at N1,404.99 kobo per $1, the same rate offered during trading on Thursday, according to Naira Rates, the parallel market aggregator.
Pound: British Currency Trades At N1,836/£1
The FX rate of the pound dropped to N1,836.06 per £1 in the NFEM, where the British currency was traded at N1,838.02 per £1 during trading the previous day.
According to the CBN data, the FX rate of the pound declined by N1.96 kobo, indicating the naira appreciated by 0.10 percent against the British currency.
However, the parallel market aggregator reported that the pound retained the previous day’s FX rate of N1,901.89 kobo per £1 in the black market on Friday.
Euro: Traders Decrease European Currency To N1,572/€1
Foreign currency traders reduced their asking price of the euro by N1.86 kobo in the official window on Friday, as the FX rate dropped to N1,572.52 kobo per €1.
The foreign exchange rate for the European currency decreased from N1,574.38 kobo per €1, leading to the naira appreciating by 0.11 percent against the European currency.
In the black market, the euro exchanged at N1,611.6 kobo per €1, according to the aggregator, which is the same rate reported the day before.
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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.
