Prime Business Africa
In the black market on Thursday, March 5, the naira depreciated against the United States dollar (USD) by 0.33 percent after the foreign exchange (FX) rate for both currencies increased to N1,414.13 kobo per $1.
During trading on Wednesday, March 4, the dollar was sold at N1,409.42 kobo per $1 in the black market, according to Naira Rates, the parallel market aggregator.
Join our WhatsApp ChannelWhile the dollar rate increased by N4.71 kobo in the parallel market, it rose slightly by N0.35 kobo, as the United States currency exchanged at N1,387.44 kobo per USD in the Nigerian foreign exchange market (NFEM).
The NFEM, also known as the official window, recorded a 0.02 percent appreciation in the value of the dollar, which traded at N1,387.09 per USD on Wednesday.
However, the rate for the American greenback closed at N1,388 per dollar, but not before rising as high as N1,392 per USD, and as low as N1,385.5 kobo per $1.
Also, the pound exchanged at N1,929.99 kobo per £1 on Wednesday, compared to the previous day’s N1,889.99 kobo per £1, representing a N40 increase.
This indicates the naira depreciated against the British currency by 2.11 percent in the black market, while it appreciated in the official window.
The value of the pound decreased by N2.72 kobo to N1,851.71 kobo per £1 in the official market, compared to the previous day’s N1,854.43 kobo per £1.
Additionally, the black market saw the euro trade flat at N1,639.99 kobo per €1, while the value of the European currency decreased in the NFEM to N1,609.27 kobo per €1, from N1,614.69 kobo per €1, reflecting a N5.42 kobo decline.
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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.
