Prime Business Africa
The Nigerian foreign exchange market (NFEM) recorded a N1.35 kobo decline in the official foreign exchange (FX) rate for the United States dollar (USD) on Monday.
Dollar: Naira Gaining Ground Against American Greenback
The official rate for the American greenback decreased to N1,369.10 kobo per $1 during business hours in the NFEM, also known as the official window, trading below the N1,370.45 kobo per USD recorded on Friday.
Consequently, the naira appreciated against the dollar by 0.09 percent in the official window, according to the data obtained from the Central Bank of Nigeria (CBN).
Join our WhatsApp ChannelHowever, at the end of trading, the dollar rate closed at N1,369 per USD, after rising as high as N1,373 per $1 and as low as N1,368 kobo per dollar in the official window.
Pound: FX Traders Offer British Currency At N1,814/£1
The pound traded largely flat in the official window, selling for N1,814.77 kobo per £1, compared to the N1,814.09 per £1 offered by the foreign currency traders during trading on Friday.
Euro: Naira Losing Battle Against European Currency
However, the foreign exchange rate for the euro increased to N1,565.82 kobo per €1 in the official window, rising by N1.33 kobo, according to the central bank’s data.
The foreign currency traders increased the FX rate for the euro from the N1,564.49 kobo per €1 recorded on Friday, leading to the naira depreciating against the British currency by 0.08 percent in the official window.
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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.
