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.

452 thoughts on “CBN Confirms N410.25/$ As New Official Exchange Rate”
    1. Nigeria is a bless country with natural resources pls we should make use of it and improved the country than importation foreign goods that can’t bring benefit to the country

  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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  6. This was the last time and I look forward to hearing from you soon and have a great day and I will be there at an event at the all-girls school

  7. How do i witdraw my money here
    Cause this site ehThis site ehh
    Na stupide thing
    They are paying me #10 for reading post
    And #5 for comment

    But when i was about entrying they told me it is #50

  8. Thanks for the update Climaxtrend This was the last time and I look forward to hearing from you soon and have a great day and I will be there at an event at the all-girls school Something should be done to the rate at which our currency is depreciating.

  9. “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…..Yes let the change bring good news in future

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