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CBN confirms N410.25/$ as new official exchange rate

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The Central Bank of Nigeria (CBN) has confirmed NAFEX Investor & Exporter forex window rate of N410.25 as Nigeria’s official benchmark exchange rate.

CBN reported an official exchange rate of N410.25/$1and referenced it as “NAFEX Exch, rate (USD) as at Monday, May 24, 2021” on its website.

Earlier in May, the CBN removed the exchange rate of N379/$1 from its website, conforming with the bank’s policy that the NAFEX (Nigerian Autonomous Foreign Exchange Rate Fixing) rate is now the default reference exchange rate for official and legitimate transactions.

According to Punch, a few weeks earlier naira had officially depreciated to N410/$, quoting the Central Bank Governor, Godwin Emefiele.

“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.

Emefiele had said that the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.

Also, CBN monetary policy committee has voted to keep the monetary policy rate at 11.5 percent.

Emefiele had declared the committee’s decision at the end of a two-day meeting at the CBN headquarters on Tuesday, May 25.

The liquidity ratio was also held at 30% and the cash reserve ratio (CRR) was kept at 27.5 percent by the committee.

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