Prime Business Africa
The value of the official United States dollar (USD) decreased by N3.38 kobo in the Nigerian foreign exchange market (NFEM) on Wednesday, according to the Central Bank of Nigeria (CBN), with the naira appreciating by 0.25 percent against the USD.
Dollar: USD Sells Downward At N1,343/$
CBN’s data on the NFEM showed that the USD was traded at N1,343.59 kobo per $1 by the foreign currency, below the N1,346.97 kobo per $1 reported on Monday.
Join our WhatsApp ChannelThe NFEM, also known as the official window, did not open for trading on Tuesday due to the public holiday marking Eid ul Mawlid, the celebration of the birth of Prophet Muhammad among Muslims.
According to the data, at some point during trading, the dollar traded at N1,346.5 kobo per USD, the highest rate for the day, and also exchanged at N1,341 per $1, the lowest rate, before settling at N1,343 per USD at the end of business hours.
Pound: British Currency Weakens Against Naira
The foreign currency traders exchanged the pound at N1,827.27 kobo per £1 in the official window, below the N1,836.18 kobo per £1 recorded during trading on Monday.
This represents an N8.91 kobo decline in the foreign exchange (FX) rate of the pound, and also indicates the naira appreciated by 0.48 percent against the British currency.
Euro: FX Traders Cut European Currency Rate By N5
The euro was traded downward by FX traders in the official window on Wednesday, as the FX rate for the European currency decreased by N5.42 kobo.
According to the NFEM trading tracker, the euro was exchanged by foreign currency traders at N1,565.51 kobo per €1, compared to the N1,570.93 kobo per €1 reported during trading on Monday.
Following the cut in their asking price, the naira appreciated against the European currency by 0.34 percent in the official window.
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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.
