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.

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.

 

“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.

355 thoughts on “CBN Confirms N410.25/$ As New Official Exchange Rate”
  1. Oh my Goodness, I still don’t get how the naira decrease/depriciate o. From #305 to #350 and then to #410, is that a decrease or an increase?

  2. Arise, O compatriots, Nigeria’s call obey to serve our fatherland with love and strength and faith the labour of our heroes past shall never be in vain to serve with heart and might one nation bound in freedom peace and unity…O God of creation, direct our noble cause guide thou our leaders right help our youth the truth to know in love and honestly to grow and

  3. forwarded to Mr. Governor. It is pertinent to mention here that 20 parastatals were affected in varying degrees which include Lekki Concession Company, Motor

  4. Arise o compatriots Nigeria call obey to serve our fathers land with love and strength and Faith the labour of our heroes past shall never be in vain to serve with heart and might one Nation bound in freedom peace and unity
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