Naira falls at NAFEX window as CBN moves to further boost diaspora remittances

The exchange rate between the naira and the US dollar closed at N411.67/$1 at the Importers and Exporters window.

Naira depreciated on Tuesday, at the Nigerian Autonomous Foreign Exchange (NAFEX) window, as the rate closed at N411.67 to a dollar. This represents a N1.67 drop when compared to the N410/$1 that was recorded on Monday, 26th April 2021.

However, the naira remained stable at the parallel market to close at N485/$1 on Tuesday. This was the same rate that was recorded the previous day as the CBN has moved to further boost diaspora remittances with the approval of 10 additional International Money Transfer Operators (IMTO)