Prime Business Africa
The foreign exchange (FX) rate for the United States dollar (USD) did not record any changes on Wednesday in the black market, according to the parallel market aggregator, Naira Rates.
It was gathered that traders in the black market exchanged the United States currency at N1,390.78 kobo per $1 on Wednesday, the same exchange rate reported by the aggregator on Tuesday.
Join our WhatsApp ChannelAlso, the exchange rate for the pound neither increase nor decrease in the black market, as parallel market traders retained the N1,909.99 kobo per £1 reported during trading the previous day.
However, the euro recorded a N7.01 increase in its exchange rate on Wednesday, after foreign exchange traders exchanged the European currency at N1,659.99 kobo per €1 in the black market.
According to the aggregator, the foreign exchange for the euro increased from N1,667 per €1 recorded on Tuesday, indicating the naira depreciated against the European currency by 0.42 percent.
Meanwhile, the foreign reserves have began increasing after declining by 3.40 percent or $1.70 billion between two months, as the reserves fell from $5.02 billion on March 11 to $48.324 billion on May 6.
The foreign reserves began to increase on May 7, when it recorded $48.325 billion, before rising further to $48.36 billion on May 8, and $48.45 billion on May 11, according to data obtained from the Central Bank of Nigeria (CBN).
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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.
