Prime Business Africa
The naira depreciated against the dollar by 0.27 percent to N1,458/$ on Wednesday, December 10, in the Nigerian foreign exchange market (NFEM), also known as the official window.
On Tuesday, December 9, the foreign exchange (FX) rate for the United States currency had closed at N1,454 per dollar, indicating the rate increased by N4 in the official window.
Join our WhatsApp ChannelDuring trading, the foreign exchange rate for the dollar was as high as N1,456.5 kobo/$ and as low as N1,450.25 kobo/$, according to data on NFEM released by the Central Bank of Nigeria (CBN).
In addition, the data showed that the naira depreciated against the pound in the official window to N1,936.59 kobo/£1, compared to the N1,934.08/£1 reported during trading the previous day.
This indicates the exchange rate for the British currency increased by N2.51 kobo, while the naira depreciated against the pound by 0.12 percent.
In the same vein, the euro appreciated marginally against the naira by 0.09 percent, as the exchange rate for the European currency increased by N1.63 kobo.
According to the CBN NFEM data, the exchange rate for the European currency had increased slightly from the previous day’s N1,690.54 kobo/€1 to N1,692.17 kobo per euro.
In the parallel market, the naira also depreciated by 0.67 percent to N1,487.99 kobo per dollar, compared to the N1,478.01/$ reported by Naira Rates on Tuesday.
While the exchange rate for the dollar increased by N9.98 kobo, the rate for the pound remained at N2,204.4 per £1, which is the same rate the British currency was traded in the black market the day before.
Also, the foreign exchange rate for the euro was N1,853.7 per €1, indicating the naira was stable against the European currency, as the rate remained the same, compared to that of the previous day.
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