Prime Business Africa
The Nigerian foreign exchange market (NFEM), also known as the official window, recorded N1,362.05 as the official foreign exchange (FX) rate for the United States dollar (USD) on Wednesday.
Based on the NFEM data from the Central Bank of Nigeria (CBN), the foreign currency traders raised the foreign exchange rate for the dollar from the N1,360.55 kobo per USD reported on Tuesday.
Join our WhatsApp ChannelAccording to the data, the foreign exchange rate for the United States currency increased by N1.5 kobo, while the naira depreciated by 0.11 percent against the American greenback in the official window.
Also, it was gathered that the highest FX rate recorded by the official window was N1,363.5 kobo per dollar, while the lowest rate at which the USD was exchanged was N1,360 per $1, before closing at N1,363 per USD.
Also, about N3.66 kobo was added to the foreign exchange rate of the pound in the official window on Wednesday, as foreign currency traders offered N1,825.99 kobo for a pound.
The foreign exchange rate for the dollar increased from the N1,822.33 kobo per £1 reported on Tuesday, indicating the naira depreciated against the British currency by 0.2 percent in the official window.
In addition, the FX rate for the euro was increased marginally by N1.74 kobo or 0.11 percent by the foreign currency traders in the NFEM, as they exchanged the European currency at N1,574.77 kobo per €1, compared to the N1,573.03 per €1 recorded the previous day.
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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.
