Prime Business Africa
The foreign exchange rate of the United States dollar (USD) increased to N1,477.99 kobo per $1 in the parallel market on Tuesday, December 23, from the N1,476.95 kobo per USD recorded on Monday, December 22.
This represents a 0.07 percent decline in the value of the naira, and a N1.04 increase in the exchange rate for the American greenback, according to Naira Rates, a black market rate aggregator.
Join our WhatsApp ChannelThere were still no changes in the exchange rate for the pound, as the British currency traded at N2,204.4 kobo per £1, the same rate as the previous day.
However, the exchange rate for the Euro dropped to N1,753.5 kobo per €1, compared to the N1,853.7 kobo per €1 reported the previous day.
This indicates the naira appreciated by 5.40 percent against the European currency, and the exchange rate for the euro increased by N100.2 kobo.
In the Nigerian foreign exchange market (NFEM), the dollar depreciated slightly to N1,452 per $1 from N1,456 per dollar recorded the previous day.
This represents a N4 decline in the dollar rate and a 0.27 percent appreciation in the value of the naira.
The NFEM data, provided by the Central Bank of Nigeria (CBN), showed that traders traded the dollars to as high as N1,455.5 kobo per USD and as low as N1,447.5 kobo per $1 before closing at N1,452/$1.
Also, the pound depreciated marginally by N1.3 kobo or 0.06 percent to N1,955.35 kobo per £1 in the NFEM, compared to the previous day’s N1,956.65 kobo/£1.
The NFEM, also known as the official market, recorded a N2.94 kobo or 0.17 depreciation in the exchange rate for the euro, which was traded at N1,707.06 per €1, against the N1,710/€1 recorded 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.
