CBN Confirms N410.25/$ As New Official Exchange Rate

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The exchange rate has been pegged at N410.25/$1 by the Central Nigeria.

This exchange rate applies to the NAFEX Investor & Exporter forex window.

The announcement was made on Monday, May 24, 2021 on its website.

Earlier in May, the CBN removed the exchange rate N379/$1 from its website, conforming the the NAFEX (Nigerian Autonomous Exchange Rate Fixing) rate is now the default reference exchange rate for and legitimate transactions.

Also, the Central Nigeria’ (CBN) monetary committee has voted to keep the monetary rate at 11.5 percent.

The CBN governor, Godwin Emefiele, declared the committee’ decision at the end of a -day at the CBN headquarters on , 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.