Prime Business Africa
The naira on Tuesday, December 30, depreciated by 0.47 percent after the foreign exchange (FX) rate of the United States dollar (USD) increased to N0.7 kobo in the black market.
According to Naira Rates, the parallel market rate aggregator, the USD exchange rate increased to N1,478 per dollar, compared to the N1,471 per $1 recorded on Monday, December 29.
Join our WhatsApp ChannelHowever, the foreign exchange rate for the pound remains unchanged at N2,204.4 kobo per £1, the same rate the British pound traded the previous day in the parallel market.
Also, the value of the euro neither depreciated nor appreciated in the black market, as the European currency traded at N1,753.5 kobo per €1 in the black market, which is the same rate reported the day before.
However, in the official market, the foreign exchange rate for the dollar decreased by N1.4 kobo to N1,445 per USD, from the previous day’s N1,446.4 kobo per $1, representing a 0.09 percent appreciation in the naira.
The official window, also known as the Nigerian foreign exchange market (NFEM), reported that the USD was traded for as high N1,447 per dollar and as low as N1,443 per $1.
Also, the exchange rate for the pound appreciated to N1,950.99 kobo per £1, from N1,944.98 kobo per £1.
This indicates the naira depreciated by 0.30 percent, and the foreign exchange rate for the British currency increased by N6.01.
Similarly, the euro appreciated by 0.16 percent as the exchange rate for the European currency increased by N2.86 kobo to N1,699.67 kobo per €1, from the N1,696.81 kobo per €1 reported the day before.
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