Prime Business Africa
The naira continued to hold its ground against the United States dollar (USD) in the black market on Thursday, after the foreign currency traders exchanged both at N1,390.78 kobo per $1, same rate reported on Wednesday.
Also, the parallel market aggregator, Naira Rates, reported that the foreign exchange (FX) rate for the pound remained static at N1,909.99 kobo per £1 in the black market.
Join our WhatsApp ChannelSimilarly, the euro recorded no changes in its exchange rate in the black market on Thursday, after trading at N1,659.99 kobo per €1 against the naira, the same rate recorded the previous day.
Also, in the Nigerian foreign exchange market (NFEM), also known as the official window, the official dollar rate was N1,372.3 kobo per USD, compared to the N1,372.5 kobo per $1 reported on Wednesday.
According to the Central Bank of Nigeria (CBN), the highest the dollar traded was N1,374 per USD, while the lowest the American greenback exchanged was N1,370 per USD, before closing at N1,372.75 kobo per $1.
The naira was also largely stable against the pound in the official window, after traders in the NFEM exchanged the British currency at N1,839.59 kobo per £1, compared to the N1,839.33 kobo per £1 recorded the day before.
However, there was a N1.75 Kobo decline in the foreign exchange rate for the euro in the official window, as the European currency traded at N1,590.19 kobo per dollar, against the previous day’s N1,591.94 kobo per €1.
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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.
