Prime Business Africa
The United States dollar (USD) was traded at N1,360.57 kobo per $1 by the foreign currency traders in the Nigerian foreign exchange market (NFEM), also known as the official window, on Wednesday.
Dollar: USD Rate Drops In NFEM, Rises In Parallel Market
The dollar dropped by N4.32 kobo from the N1,364.89 kobo per $1 recorded during trading on Tuesday, resulting in the naira appreciating in value by 0.31 percent in the official window.
Join our WhatsApp ChannelThis was revealed via the NFEM portal of the Central Bank of Nigeria (CBN), which also showed that the American greenback traded as high as N1,362 per $1 and as low as N1,359.55 kobo per $1, before closing at N1,360.15 kobo per $1.
In the black market, Naira Rates, the parallel market aggregator, said N6 was added to the foreign exchange (FX) rate of the dollar, as the American greenback traded at N1,404.99 kobo per $1.
The dollar rate was raised from the N1,398.99 kobo per dollar recorded the day before, leading to the value of the naira rising by 0.42 percent against the United States currency in the black market.
Pound: Naira Weakens Against British Currency In NFEM
The official window saw a N1.61 kobo decrease in the foreign exchange rate of the pound, which was exchanged at N1,840.32 kobo per £1, compared to the N1,841.93 kobo per £1 offered on Tuesday.
In the parallel market, the pound was traded at N1,901.89 kobo per £1 by the foreign currency traders, the same rate recorded during trading the previous day, according to the aggregator.
Euro: Naira Experiences Mixed Fortunes In FX Markets
Foreign exchange traders reduced the FX rate of the euro to N1571.43 kobo per €1 in the official window, according to the NFEM portal, down from the N1,574.92 kobo per €1 offered during trading on Tuesday.
The value of the European currency decreased by N3.49 kobo during trading on Wednesday, resulting in the naira appreciating by 0.22 percent against the euro in the official window.
But in the black market, the euro was traded at N1,611.6 kobo per £1, indicating the foreign currency traders retained the previous day’s FX rate.
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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.
