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The Central Bank of Nigeria (CBN) has confirmed NAFEX Investor & Exporter forex window rate of N410.25 as Nigeria’s official benchmark exchange rate.
CBN 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.
Earlier in May, the CBN removed the exchange rate of N379/$1 from its website, conforming with the bank’s policy that the NAFEX (Nigerian Autonomous Foreign Exchange Rate Fixing) rate is now the default reference exchange rate for official and legitimate transactions.
According to Punch, a few weeks earlier naira had officially depreciated to N410/$, quoting the Central Bank Governor, Godwin Emefiele.
Breaking News | Breaking News N120bn petrol subsidy to be doubled as CBN adjusts exchange rate thestreetjournal.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreetjournal.org Daily Mail and Mail on Sunday newspapers.
RingTrue BY Yemi Adebowale
Email: yemi.adebowale@thisdaylive.com
My dear IG Usman Baba, the attack on the headquarters of the Imo State Police Command in Owerri, on April 5, represents the sorry state of the Nigeria Police Force. For over 30 minutes, gunmen ransacked the Command’s HQ unhindered, burning buildings and vehicles. There was no resistance from your men. Not even a feeble one. The poorly-equipped and poorly-motivated policemen all ran away. The attackers left jubilating. In all of Nigeria’s years of independence, the Police Force has never been this shabby. Our policemen have never been this mismanaged. How can they tackle criminals, when these lawbreakers have become stronger than them? This is why your men, more often than not, now run away from criminals. The truth be told; this country is in a mess in terms of policing.
• Policy will create billions of inappropriate money
• Measure will worsen inflation
• Ask FG to unify rates, fix imbalances to achieve stability
The Central Bank of Nigeria (CBN) may have jettisoned the planned exchange rate convergence for quick fixes in the bid to stabilise the foreign exchange (forex) market. x
This is coming about nine months after the Governor of the CBN, Godwin Emefiele, said the bank would continue to pursue FX rate unification programme around the Nigerian Autonomous Foreign Exchange Rate (NAFEX).
A source privy to the challenge in executing the exchange rate convergence told The Guardian yesterday the plan “is as good as dead” as the apex bank lacks the willpower to push through its plan.