Prime Business Africa
The foreign exchange (FX) rate for the United States dollar (USD) marginally declined by N0.5 kobo to N1,420 per $1 in the Nigerian foreign exchange market (NFEM) on Tuesday, January 20.
The Central Bank of Nigeria (CBN) disclosed the FX rate for the American greenback in its data on the NFEM, also known as the official window, at the end of trading.
Join our WhatsApp ChannelIt was gathered that the dollar rate was slightly below the N1,420.5 kobo per USD reported on Monday, January 19.
Although, according to the NFEM data, the United States currency traded as high as N1,421 per dollar and as low as N1,418.4 per $1 during trading.
In addition, the data showed that the pound appreciated in value by N2.43 kobo to trade at N1,907.63 per £1 in the official market.
The foreign exchange rate for the British currency was N1,905.2 kobo per £1 the previous day, indicating the naira depreciated in value by 0.12 percent.
In the same vein, the foreign exchange rate for the euro in the official window increased by N13.53 kobo, as the naira depreciated in value by 0.81 percent.
According to the NFEM data, the euro had traded at N1,665.72 kobo on Tuesday, compared to the rate of N1,652.19 kobo per €1 reported the day before.
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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.
