Naira Slips To 490/$ At Parallel Market, CBN Plans Digital Currency

The naira exchanged to the dollar at N490/$ at the parallel market.

The official exchange rate website of the Central Bank of Nigeria for the Bureau de Change operators, the country’s currency was bought and sold at N488/490 to the dollar as of Thursday evening.

The naira had earlier exchanged to the dollar at N483 in previous week.

The CBN recently adopted the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar.

It confirmed this new official rate on its website on Monday night, after it had removed N379/$.

It would be recalled that in April 2017, the CBN established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.

The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

Also, the CBN Governor, Godwin Emefiele, has said that digital currencies have a place in the country. He made this known during the 279th Monetary Policy Committee meeting in Abuja.

Add Your Comment