Prime Business Africa
On Friday, February 20, the foreign exchange (FX) rate for the United States dollar (USD) in the black market and the official window consolidated, as the gap shrank to N3.67 kobo, from N11.64 kobo.
According to Naira Rates, the black market aggregator, the USD rate was N1,349.99 kobo per dollar, compared to the N1,352.99 kobo per $1 recorded on Thursday, February 19.
Join our WhatsApp ChannelThis represents a N3 decline in the dollar rate and a 0.22 percent appreciation in the value of the naira.
In the official window, also known as the Nigerian foreign exchange market (NFEM), the official dollar rate was N1,346.32 kobo per USD, compared to the previous day’s N1,341.35 kobo per $1, indicating a N4.97 kobo increase.
According to the NFEM data obtained from the Central Bank of Nigeria (CBN), the dollar traded as high as N1,349.25 kobo per $1 and as low as N1,343 per USD, before closing at N1,348 per dollar.
In addition, the pound traded flat at N1,939.99 kobo/£1 in the black market, however, it appreciated in the official window, where the FX rate for the British currency rose from N1,805.18 kobo per £1 to N1,814.57 kobo per £1, representing a N9.39 kobo increase.
Also, the FX rate for the euro remained unchanged at N1,689.99 kobo per €1 in the, but in the official market, the European currency was priced at N1,584.03 kobo/€1, compared to the N1,576.70 kobo per €1 reported the day before.
This represents a N7.33 kobo increase in the euro’s FX rate and a 0.46 percent decline in the value of the Nigerian 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.
