Prime Business Africa
About N2.79 kobo was deducted from the foreign exchange (FX) rate of the United States dollar (USD) on Thursday, after the US currency traded at N1,347.62 kobo per $1 in the Nigerian foreign exchange market (NFEM).
Dollar: Naira Recovers Against Dollar In NFEM
The American greenback traded at N1,350.41 kobo per $1 during trading on Wednesday, indicating the naira appreciated against the United States currency by 0.20 percent.
Join our WhatsApp ChannelBefore closing hours, data obtained from the Central Bank of Nigeria (CBN) showed that the highest rate the USD traded was N1,351.5 kobo per $1, and the lowest rate recorded was N1,347 per $1, before closing at N1,347.5 kobo per $1.
The dollar, however, was traded at N1,404.99 kobo per $1 in the black market, retaining the previous day’s FX rate, according to Naira Rates, the parallel market aggregator
Pound: Naira Trades Flat Against British Currency In FX Markets
The pound traded flat against the naira in the NFEM, also known as the official window, trading at N1,838.02 per £1, compared to the N1,838.44 kobo per £1 recorded the previous day.
Similarly, the black market recorded no changes in the FX rate of the pound, as the British currency traded at N1,901.89 kobo per £1, which was the previous day’s FX rate.
Euro: Naira Depreciates Against European Currency In NFEM
According to the CBN’s data, the euro traded upwards by N0.66 kobo to N1,574.38 kobo per €1, compared to the N1,573.72 kobo per €1 offered by foreign currency traders the day before.
However, the euro was traded by the FX traders at N1,611.6 kobo per €1 in the black market, indicating the European currency was traded at the same rate it was exchanged on Wednesday.
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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.
