The Central Bank of Nigeria has approved the official exchange rate of N410.25 / $1 bluebloodz.com has learned.
The CBN confirmed NAFEX Investor & Exporter forex window rate is now Nigeria’s official benchmark exchange rate, when they 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.
In May, the finance house removed the exchange rate of N379/$1 from its website, In accordance with the bank’s policy that the NAFEX (Nigerian Autonomous Foreign Exchange Rate Fixing) rate is now by default the reference exchange rate for all official and legitimate transactions.
Additionally, the Central Bank of Nigeria’s monetary policy committee has voted to keep the monetary policy rate at 11.5%.
While the liquidity ratio was retained at 30% and the cash reserve ratio (CRR) was held at 27.5 percent by the policy committee.
The committee’s decision at the end of a two-day meeting at the CBN headquarters on Tuesday, May 25 was made known by the CBN governor, Godwin Emefiele.