The Central Bank of Nigeria has officially made 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/$ earlier in May.

Few weeks earlier, the Punch had exclusively reported that the naira officially depreciated to N410/$, quoting the Central Bank Governor, Godwin Emefiele. Emefiele had said the drop in crude oil earnings and associated reduction in foreign portfolio inflows significantly affected supply of foreign exchange into Nigeria.

"In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$,” he said.

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.

SOURCE: https://punchng.com/cbn-confirms-n410-25-as-new-official-exchange-rate/

From one tell of sorrow to another.

this country is gone, can u imagine the hardship that this would cause. before 2023 it will get to 500 then black market would charge 700-800

We warned them about Buhari, but they didn't listen.

I'm not supposed to complain because most of my money come in USD and GBP. Converting to Naira will look like money ritual.

Before 2023, it will be 1000/$.

Lalasticlala, come see what our darling government is doing.

Nigeria's problem is two fold, there is a lot of pressure on the cbn to turn our forex window into a free market, where only supply and demand can dictate the value of the naira. Unfortunately, such methods only work on stable political landscapes, like Canada, Australia and Japan. If Nigeria were to try that, we would end up owing more than we currently do, faster than you can blink. Nigeria is just a small fish in an ocean filled with sharks. N.b cbn should continue, Canada's economy has been tanking since the covid 19 pandemic

Bye bye to naija... Just got my visa... Canada on mind.

But they sell to dangote at a cheaper rate and far below this rate...!!!

vcente:
Nigeria's problem is two fold, there is a lot of pressure on the cbn to turn our forex window into a free market, where only supply and demand can dictate the value of the naira. Unfortunately, such methods only work on stable political landscapes, like Canada, Australia and Japan. If Nigeria were to try that, we would end up owing more than we currently do, faster than you can blink. Nigeria is just a small fish in an ocean filled with sharks. N.b cbn should continue, Canada's economy has been tanking since the covid 19 pandemic

Which Canada's economy is tanking?
You don't know what you are saying sir

God why?

It is finished!

Even if Nigeria is finished, wahala for this Nigeria no dey finish.

Clowns! While the unofficially rates fluctuates around 500+.

Omo, na him be say black market own go increase to 510

They should better reintroduce crypto, maybe it will ease the burden on people

still not the real value

Hmmm plus the incoming Fuel Price Hike; damn I was listening to the Radio this Morning and they were talking about Fuel Price Hike in June.

CBN banning crypto transactions wasn't wise.

wow
Where are we headed?

Doomed

Let's not forget where APC picked up exchange rate in 2015

But, but, but it was around N196 when you guys took over in 2015

Wahala for who dey save money for Naira

This is not Nigeria that I was born they have swapped my country. Wahala dey oooo.

Hahahahaaaa

So in black markets we are looking at 470

One day one bad news from Buhari

Let them Kuku increase petrol to the 350 they are speculating, a kill us once and for all

Godwin Emiefele, the worst CBN Governor in the history of Nigeria. Very confused and incompetent fellow.

The useless man should have been fired long time ago! Anyway, his Oga is as clueless as him too.

How did we even get here?

Them don kukuma kill this country

Cash out for me

Thank Great One that all my money are in Rand and Shilling

useless country...