Prime Business Africa
The United States dollar (USD) was priced at N1,384.99 kobo on Monday, February 23, up from the N1,349.99 kobo per $1 recorded on Friday, February 20.
The foreign exchange (FX) rate for the USD had increased by N35, while the value of the naira depreciated by 2.59 percent.
Join our WhatsApp ChannelAlso, the official dollar rate in the Nigerian foreign exchange market (NFEM) increased to N1,349.23 kobo, up by N2.91 kobo or 0.21 percent, from the N1,346.32 kobo per USD recorded on Friday.
The highest rate for the American greenback during trading was N1,354.5 kobo per USD, and the lowest rate was N1,343 per dollar, but closed at N1,353.5 kobo per $1.
However, the black market rate for the pound dropped by N90 to N1,849.99 kobo per £1 on Monday, from N1,939.99 kobo/£1, representing a 4.63 percent appreciation in the value of the naira.
But the pound appreciated by N6.62 kobo or 0.36 percent in NFEM, also known as the official market, as the rate for the British currency increased to N1,821.19 kobo/£1, from the N1,814.57 kobo per £1 reported on Friday.
Also, the FX traders in the black market saw an increase of N67.99 kobo in the value of the euro, which decreased to N1,622 per €1, from N1,689.99 kobo per €1.
In the same vein, the FX rate for the euro in the official market increased to N1,590.83 kobo per €1, up by N6.8 kobo or 0.42 percent, from N1,584.03 kobo/€1 during the same period under review.
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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.
