CBN confirms N410.25/$ as official exchange rate

CBN has confirmed that the NAFEX Investor & Exporter exchange rate is now the official Nigerian benchmark exchange rate.
The Central Bank of Nigeria reported the official exchange rate as 410.25 N/1 Dollar and listed it as “NAFEX Exch, Rate (USD) as of Monday 24 May 2021” on its website.

In early May, CBN removed the N379/1 dollar exchange rate from its website, in line with the bank’s policy that the Nigeria Autonomous Exchange Rate Regulation (NAFEX) is now the exchange rate. the default standard for official and legal transactions. . .
In addition, the monetary policy committee of the Central Bank of Nigeria (CBN) voted to keep the monetary policy rate unchanged at 11.5%.

CBN Governor Godwin Emefiele announced the committee’s decision at the end of a two-day meeting at CBN headquarters on Tuesday, May 25.

The liquidity ratio is also maintained at 30% and the cash reserve ratio (CRR) is maintained at 27.5% by the committee.