Prime Business Africa
The naira recorded a strong performance against the United States dollar (USD) this week, appreciating by 0.60 percent between Monday, December 22, and Wednesday, December 24, in the black market.
Both the parallel market and the official window opened trading for three days this week due to the public holiday on Thursday, December 25, and Friday, December 26, for Christmas.
Join our WhatsApp ChannelPrime Business Africa notes that the foreign exchange (FX) rate decreased by N8.96 kobo to N1,467.99 kobo per $1, from N1,476.95 kobo per dollar within the three days under review.
The foreign exchange rate for the pound did not change, as it continued to trade at N2,204.4 kobo per £1.
However, the euro depreciated in value against the naira by N100.2 kobo or 5.40 percent within the reviewed period, as the exchange rate for the European currency fell from N1,853.7 kobo per €1 to N1,753.5 kobo per €1.
Although the decline in the FT rate for the euro occurred on Tuesday, December 23, and traded flat at N1,753.5 kobo per €1 on Wednesday.
In the Nigerian foreign exchange market (NFEM), also known as the official window, the USD depreciated by N5 or 0.34 percent, from N1,456 per dollar to N1,451/$1.
Also, the foreign exchange rate for the euro decreased from N1,710 per €1 on Monday in the official window, according to data obtained from the Central Bank of Nigeria (CBN), to the N1,700.71 kobo per €1 recorded on Wednesday.
This indicates the FX rate for the European currency increased by N9.29 kobo, and the value of the naira depreciated by 0.54 percent.
However, the pound depreciated against the naira by N7.76 kobo or 0.39 percent, from N1,956.65 kobo/£1 to N1,948.89 kobo/£1 between Monday and Wednesday.
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