Prime Business Africa
In the black market on Thursday, March 26, the price for the United States dollar (USD) stood at N1,422.84 kobo per $1, which is the same rate reported on Wednesday, March 25.
This was disclosed by the parallel market aggregator, Naira Rates, which also revealed that the naira maintained its position against the pound and the euro in the black market.
Join our WhatsApp ChannelData from the black market aggregator showed that the pound traded at N1,919.99 kobo per £1, while the value of the European currency stood at N1,641 per €1, same rate recorded on Wednesday.
The situation was different in the official window, also known as the Nigerian foreign exchange market (NFEM), where the dollar rate decreased to N1,383.88 kobo/$1, from the previous day’s N1,386.70 kobo per USD.
According to the Central Bank of Nigeria (CBN), the official window also saw the dollar trade as high as N1,391 per USD, and as low as N1,375 per $1, before closing at N1,389 per USD.
While the foreign exchange (FX) rate for the USD dropped by N2.82 kobo in the official window, the value of the pound declined by N8.62 kobo, according to data from the financial regulator.
The naira appreciated by 0.46 percent against the pound, pushing the FX rate for the British currency to N1,847.09 per £1 in the NFEM, below the N1,855.71 kobo per £1 recorded the day before.
In addition, the FX rate for the euro dropped to N1,596.56 kobo per €1 in the official window, compared to the previous day’s N1,605.22 kobo per €1, representing a N8.66 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.
