Prime Business Africa
Foreign currency traders added N0.91 kobo to the official foreign exchange (FX) rate of the United States dollar (USD) in the Nigerian foreign exchange market (NFEM), also known as the official window, on Tuesday.
Dollar: Traders Exchange USD At N1,357/$
The rate for the American greenback was increased to N1,357.18 kobo per dollar, compared to the N1,356.27 kobo per USD recorded on Monday, according to data from the Central Bank of Nigeria (CBN).
CBN’s data showed that the highest foreign exchange rate for the dollar during trading was N1,359 per USD, while the lowest was N1,355.5 kobo per $1, but eventually closed at N1,356.5 kobo per $1.
Join our WhatsApp ChannelPound: Naira Weakens Against British Currency
Also, the FX traders offered the pound at a higher price of N1,819.71 kobo per £1 in the official window, compared to the N1,808.19 kobo per £1 reported on the previous day.
According to the data, the exchange rate for the pound increased by N11.52 kobo, while the value of the naira decreased against the British currency by 0.63 percent in the official window.
Euro: FX Traders Lower European Currency Rate By N2
The euro, however, was traded downward in the official window, as the FX rate for the European currency was put at N1,573.20 kobo per €1 on Tuesday, below the N1,575.26 kobo per €1 reported on Monday.
Following the N2.06 decline in the FX rate for the euro in the official window, the naira appreciated by 0.13 percent against the European currency.
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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.
