Prime Business Africa
The Nigerian foreign exchange market (NFEM) closed with N1,358.28 kobo per dollar being the official rate for the day on Wednesday, February 4.
According to data obtained from the Central Bank of Nigeria (CBN), the official rate dropped from the N1,372.91 kobo per dollar recorded on Tuesday, February 3.
Join our WhatsApp ChannelThis represents a N14.63 kobo decline in the value of the United States dollar (USD), while the naira appreciated in value by 1.06 percent.
The data showed that the highest rate for the dollar during trading was N1,365 per USD, while the lowest rate was N1,348 per $1, before the American greenback closed at N1,359 per dollar.
Also, the pound’s exchange rate decreased to N1,862.74 kobo per £1 in the NFEM, also known as the official window, from the previous day’s N1,876.91 kobo per £1.
The foreign exchange (FX) rate for the British currency had declined by N14.17 kobo, while the value of the Nigerian currency jumped by 0.75 percent.
Part of the data said the Euro depreciated in value to N1,605.44 kobo per €1 in the official market, representing a decrease of N13.73 kobo in the FX rate.
The FX rate for the European rate had dropped below the N1,619.17 kobo per €1 recorded the previous day, indicating the naira appreciated by 0.84 percent against the euro.
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.
