Prime Business Africa
In the Nigerian foreign exchange market (NFEM), also known as the official window, the United States dollar (USD) closed at N1,420.5 kobo per USD on Monday, January 19.
The foreign exchange (FX) rate for the dollar increased by N2.55 kobo from the N1,417.95 kobo/$1 reported on Friday, January 16, indicating the naira depreciated by 0.17 percent.
Join our WhatsApp ChannelHowever, during business hours, data provided by the Central Bank of Nigeria (CBN) showed that the American greenback traded as high as N1,421 per dollar and as low as N1,419.5 kobo per USD.
An upward movement was also recorded in the foreign exchange rate for the pound, as the British currency traded at N1,905.2 kobo per £1 in the official window.
The pound had appreciated by 0.23 kobo or N4.55 kobo, considering the British currency traded at N1,900.65 kobo per £1 in the NFEM on Friday.
The official window data also showed that the euro was exchanged at N1,652.19 kobo per €1 during trading, compared to the N1,646.93 per €1 recorded on Friday.
This indicates the naira also depreciated against the European currency by 0.31 percent as the exchange rate for the euro increased by N5.26 kobo.
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