Prime Business Africa
The United States dollar (USD) was traded at N1,375.74 kobo on Tuesday in the Nigerian foreign exchange market (NFEM), also known as the official window, above the N1,368.26 kobo offered on Monday.
Dollar: Naira Depreciates Against USD
According to the Central Bank of Nigeria’s (CBN) official window portal, the foreign currency traders increased the dollar rate by N7.48 kobo during trading, a decision that reduced the value of the naira by 0.54 percent.
The highest rate offered by the official window traders for the American greenback was N1,380 per USD, while the lowest rate was N1,369 per $1, before the United States currency closed at N1,379/$1.
Join our WhatsApp ChannelPound: Traders Raise FX Rate For British Currency
Also, during trading in the official window on Tuesday, the foreign exchange (FX) rate for the pound was increased by N14.66 kobo to N1,840.90 kobo per £1 by the foreign currency traders.
The traders increased the British currency’s official market rate from the N1,826.24 per £1 reported the previous day, leading to the naira depreciating in value by 0.80 percent against the pound.
Euro: Over N10 Added To European Currency Rate
Over N10.61 kobo was added to the foreign exchange rate of the euro on Tuesday, as traders in the official window exchanged the European currency at N1,572.73 kobo per €1.
With the foreign exchange rate for the pound rising from the N1,562.12 kobo per £1 offered on Monday, the value of the naira depreciated by 0.67 percent against the European currency in the official window.
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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.
