Prime Business Africa
The price of the United States dollar (USD) was N1,409.81 kobo per $1 in the black market on Wednesday, April 8, rising by N2 from the N1,407.81 kobo per $1 reported on Tuesday, April 7.
In the black market, the foreign exchange (FX) rate of the pound and the euro was put at N1,919.99 kobo per £1 and N1,641 per €1, respectively, which are the same prices reported the day before by Naira Rates, the parallel market aggregator.
Join our WhatsApp ChannelThe dollar rate dropped in the Nigerian foreign exchange market (NFEM), trading at N1,371.82 kobo per USD, below the N1,386.65 kobo per $1 reported the day before, representing a N14.83 kobo decline.
According to NFEM data provided by the Central Bank of Nigeria (CBN), the dollar rate eventually closed at N1,369 per USD, but not before rising to a high of N1,388/$1 and a low of N1,363.5 kobo per dollar.
Also, during trading, the pound depreciated in value by 0.34 kobo, as the FX rate dropped by N6.25 kobo, from N1,837.90 kobo per £1 on Tuesday to N1,844.15 kobo on Wednesday.
In the same vein, the euro depreciated against the naira by 0.09 percent, after the European currency was traded at N1,603.48 kobo per €1, below the previous day’s N1,605.03 per €1, indicating a N1.55 kobo decrease in FX rate.
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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.
