Prime Business Africa
The naira traded largely flat against the United States dollar (USD) in the Nigerian foreign exchange market (NFEM) on Friday, according to trading data obtained from the Central Bank of Nigeria (CBN).
Dollar: Foreign Currency Traders Sell USD At N1,370/$
It was gathered that the foreign currency traders exchanged the American greenback at N1,370.19 kobo per USD, similar to the N1,370.15 kobo offered for a dollar in the NFEM on Thursday.
The dollar eventually closed at N1,370 per $1 in the official window, while the highest rate it was sold was N1,373 per USD and the lowest the United States currency exchanged was N1,369 per $1.
Join our WhatsApp ChannelPound: Naira Depreciates By 0.12% Against British Currency
The value of the pound decreased to N1,829.22 kobo per £1 in the NFEM, also known as the official window, on Friday, dropping below the N1,831.49 kobo per £1 recorded during trading the previous day.
This represents a N2.27 kobo decline in the foreign exchange rate for the British currency, and indicates the naira appreciated against the pound by 0.12 percent in the official window.
Euro: Naira Holds Firm Against Euro
The official market recorded a marginal increase of N0.04 in the foreign exchange rate for the euro, after foreign currency traders exchanged the European currency at N1,567.74 kobo per £.
This is slightly higher compared to the N1,567.70 kobo per €1 recorded during trading on Thursday, indicating the naira held its ground against the European currency on Friday.
For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: [email protected] and [email protected]
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.
