CBN Adopts NAFEX Rate, Naira Officially Now 410/$1

• The NAFEX window is a market trading segment for investors, exporters and end-users

The Central Bank of Nigeria (CBN) has now pegged the exchange between naira and dollar to N410.25/$1.

The new rate is sequel to the apex Bank adoption of the Nigerian autonomous foreign exchange (NAFEX) rate — further weakening the naira by 8 percent.

The apex bank has also updated its website to reflect the new rate.

Two weeks ago, Ekohotblog had reported the removal of the official exchange rate of N379 to a dollar from its website — in a bid to uniform forex (FX) rates in the country.

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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The CBN had introduced the I&E window in 2017 to improve foreign exchange market mechanisms, deepen market liquidity, and ensure prompt execution and settlement of all FX transactions.

The NAFEX window is a market trading segment for investors, exporters and end-users that allows FX trades to be made at a market-determined rate.

Nigeria operates multiple exchange rate windows ranging from the I&E (NAFEX) window where forex is traded between exporters, investors, and purchasers of forex, the SMEIS window where forex is sold to importers, and the BDC window which is where forex is sold to retailers.

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