Prime Business Africa
On Friday, January 9, the United States dollar (USD) appreciated in value by 0.24 percent as the rate in the Nigerian foreign exchange market (NFEM) increased by N3.5 kobo.
In the NFEM, also known as the official window, the exchange rate for the USD strengthened to N1,424.5 kobo per dollar, from the N1,421/$1 recorded on Thursday, January 8.
Join our WhatsApp ChannelDuring trading, the official window data provided by the Central Bank of Nigeria (CBN) showed that the dollar traded as high as N1,430 per USD and as low as N1,420.15 kobo/$1.
In the same vein, the exchange rate for the pound increased by N3.65 kobo to N1,911.35 kobo per £1, from the N1,907.70 kobo per £1 recorded the previous day, representing a 0.19 percent decline in the value of the naira.
However, the euro traded flat in the official window, as the exchange rate for the European currency stood at N1,657.54 kobo per €1, compared to the N1,657.07 kobo per €1 recorded the day before.
In the black market, the naira appreciated by 0.13 percent against the dollar, after both currencies exchanged for N1,477 per USD, slightly below the N1,478.99 kobo per $1 reported on Thursday, indicating the dollar rate increased by N1.99 kobo.
This is according to the Naira Rates, the black market rates aggregator, which also reported that there were no changes in the foreign exchange rates for the pound and the euro.
It was gathered that the British currency traded flat at N2,204.4 kobo per £1, and the European currency remained at N1,753.5 kobo per €1.
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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.
