CBN Confirms N410.25/$ As New Official Exchange Rate

2 weeks ago

The APEX bank of Nigeria CBN, has officially made the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar. It confirmed this new official rate on its website on Monday night, after it had removed N379/$ earlier in May.

https://i0.wp.com/storage.waploaded.com/images/80fbe128ec37d4e3a7fc9485e96a0956.jpg

A few weeks earlier, the Punch had exclusively reported that the naira officially depreciated to N410/$, quoting the Central Bank Governor, Godwin Emefiele. Emefiele had said the drop in crude oil earnings and associated reduction in foreign portfolio inflows significantly affected supply of foreign exchange into Nigeria.

https://i0.wp.com/storage.waploaded.com/images/afd7d9c500d4763701f0b412897e00f1.jpg

“In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$,” he said.

It would be recalled that in April 2017, the CBN established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.

The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

Related Forums
Arsenal open new contract talks with Kieran Tierney
Forum

Arsenal open new contract talks with Kieran Tierney

3 days ago
James Wan Unveils Official Title For Aquaman Sequel
Forum

James Wan Unveils Official Title For Aquaman Sequel

4 days ago
HBO Max’s "Tom and Jerry in New York" Animated Series Debuting in July
Forum

HBO Max’s "Tom and Jerry in New York" Animated Series Debuting in July

4 days ago
Zack Snyder Takes On Norse Mythology With New Netflix Animated Series
Forum

Zack Snyder Takes On Norse Mythology With New Netflix Animated Series

4 days ago