Prime Business Africa
Traders in the black market on Friday, December 19, saw no changes in the foreign exchange (FX) rate for the United States dollar (USD), as the naira neither depreciated nor appreciated.
In a parallel market data provided by Naira Rates, the exchange rate for the USD stood at N1,489.01 per dollar, which is the same rate reported on Thursday, December 18.
Join our WhatsApp ChannelAlso, the naira remained stable against the pound, as the foreign exchange rate stood at N2,204.4 per £1, similar to the value a British pound was valued at the previous day in the black market.
In the same vein, the euro traded at N1,853.7 kobo per €1, which is also the same rate recorded in the parallel market the day before.
However, according to data obtained from the Central Bank of Nigeria (CBN), the foreign exchange rate for the pound depreciated slightly by N0.72 kobo in the Nigerian foreign exchange market (NFEM).
The NFEM, also known as the official window, recorded the exchange rate for the British currency increasing to N1,956.63 kobo per pound, from the previous day’s N1,957.35 kobo/£1, indicating the naira depreciated by 0.03 percent.
Also, the exchange rate for the euro increased by N2.25 kobo as the naira depreciated by 0.13 percent during trading in the official window.
According to the NFEM data, the euro traded at N1,714.04 per €1 during trading earlier today, compared to the N1,711.79 per €1 recorded on Thursday.
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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.
