Prime Business Africa
The United States dollar (USD) traded flat in the Nigerian foreign exchange market (NFEM) on Monday, exchanging at N1,346.97 kobo per $1, similar to the N1,346.49 kobo per $1 reported on Friday.
According to the data obtained from the Central Bank of Nigeria (CBN), the highest rate the USD was traded was N1,350 per $1, while the lowest rate was N1,345 per USD, before closing at N1,349.99 kobo per $1.
Join our WhatsApp ChannelPound: Naira Trades At N1,836/£1
In the NFEM, the pound was traded at N1,836.18 kobo per £1 in the NFEM, also known as the official window, on Monday, according to the data from the CBN.
Similarly to the dollar, the pound traded flat when compared to the N1,836.06 per £1 recorded during trading in the NFEM on Friday.
Euro: Naira Appreciates Against European Currency
Unlike the United States currency and the pound, the euro recorded a movement in its value, after the foreign exchange (FX) rate of the European currency depreciated by N1.59 kobo in the NFEM.
This indicates that the foreign currency traders reduced the FX rate of the euro to N1,570.93 kobo per €1 in the official window on Monday, below the N1,572.52 kobo per €1 offered on Friday.
Due to the reduction in the FX rate of the euro, the value of the naira increased in the official window, appreciating by 0.10 kobo 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.
