CBN confirms N410.25/$ as New Official Exchange Rate

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

The apex bank reported an official exchange rate of N410.25/$1and referenced it as “NAFEX Exch, Rate (USD) as of 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.

Also, the Central Bank of Nigeria’s (CBN) monetary policy committee has voted to keep the monetary policy rate at 11.5 per cent.

The CBN governor, Godwin Emefiele, 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.