Prime Business Africa
During trading in the black market on Tuesday, December 16, the foreign exchange rate for the United States dollar (USD) increased by N2.01, indicating the naira depreciated in value by 0.13 percent.
According to the parallel market data provided by Naira Rates, the exchange rate for the dollar increased marginally to N1,487.01 per USD, compared to the N1,485 per $1 reported on Monday, December 15.
Join our WhatsApp ChannelHowever, the exchange rate for the pound was stagnant at N2,204.4 kobo per £1, the same rate recorded the previous day in the parallel market.
In the same vein, the euro traded flat in the black market, as the European currency was exchanged at N1,853.7 per €1, maintaining the rate recorded the day before.
In addition, the exchange rate for the dollar in theNigerian foreign exchange market (NFEM), also known as the official window, closed at N1,454/$1 on Monday, falling below the N1,455.50 per USD recorded on Friday, December 12.
This represents a N1.5 kobo decline in the USD exchange rate, and a 0.10 percent appreciation in the value of the Nigerian currency, according to data from the Central Bank of Nigeria (CBN).
Also, the naira appreciated against the pound in the official window, trading at N1,943.31 kobo/£1 on Monday, compared to the N1,945.48 kobo/£1 reported on Friday.
This indicates the naira appreciated by 0.11 percent and the exchange rate decreased by N2.17 kobo.
However, for the euro, the exchange rate in the official window slightly decreased by N0.72 kobo to N1,705.15 kobo per €1 on Monday, compared to the N1,705.87 kobo/€1 reported by the CBN on Friday.
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