The Central Bank of Nigeria has adopted the NAFEX/I&E Window exchange rate on its website ditching a multi-decade use of government-determined exchange rate.
The 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.
It was first reported on May 14th that the CBN had removed the exchange rate of N379/$1 from its website homepage conforming with the bank’s policy that the NAFEX rate is now the default reference exchange rate for official and legitimate transactions. The CBN has now replaced it with the NAFEX rate.
Since the Central Bank last adjusted the exchange rate in August 2020, it has retained the exchange rate of N379/$1 on its website homepage which in the past, represented the official exchange rate. The exchange rate displayed on the website has historically been referenced as the official exchange rate of the country.
However, all government transactions since 2021 have been converted using the prevailing exchange rate at the official NAFEX window confirming that the erstwhile official exchange rate of N379/$1 was dead. The CBN’s adoption of NAFEX on its website confirms this is now Nigeria’s official exchange rate.