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HomeBusinessCBN Adopts NAFEX Rate, Naira To Now Trade At N410/$1

CBN Adopts NAFEX Rate, Naira To Now Trade At N410/$1

N410.25 to dollar exchange rate has been made official by the Central Bank of Nigeria, CBN.

The CBN officially adopted the Nigerian autonomous foreign exchange (NAFEX) rate — weakening the naira by 8 percent to N410.25/$1.

CBN also updated its website to reflect the new rate just two weeks after the removal of the official exchange rate of N379 to a dollar from its website in a bid to unify the country’s forex (FX) rates.

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This implies that the nation’s official exchange rate will be determined by NAFEX rate or the importer and exporter (I&E) FX window.


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