Naira appreciates to N695/$ at parallel market

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has officially devalued the naira by 7.6 percent by adopting the Nafex rate as the government’s official exchange rate.

The bank posted the I&E rate on Monday on its website two weeks after it deleted the previous official fixed rate of 379 naira.

The currency exchanged 410.25 for a dollar on the relatively flexible Nafex or Investors and Exporters window.

The decision comes nearly two weeks after the CBN erased from its website the exchange rate that for about a year was seen as the government’s official rate.

In March, the CBN had denied devaluing the naira after the Minister of Finance, Zainab Ahmed, said the government had adopted the Nafex rate used by investors and exporters.

At the time, CBN governor Godwin Emefiele reiterated that the apex bank still maintained the “official rate” of N379, while the Nafex rate of N410 was adopted for certain government businesses.

Meanwhile, the naira currently exchanges at N486 per $1 at the parallel market.



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