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CBN Adopts NAFEX/I&E Window Exchange Rate

CBN has adopted NAFEX/I&E Window exchange rate on its official website.

Gatekeepers News reports that the Central Bank of Nigeria(CBN) has ditched the multi-decade use of government-determined exchange rate by adopting the NAFEX/I&E Window exchange rate on its website.

On Monday, 24 May 2021, the apex bank reported an official exchange rate of N410.25/$1 and referenced it as “NAFEX Exch, Rate (USD) on its website.

Since August 2020 that the Apex Bank adjusted the exchange rate, and retained the exchange rate of N379/$1 on its website homepage which in the past, represented the official exchange rate.

However, the CBN removed the exchange rate of N379/$1 from its website homepage and has now replaced it with the NAFEX rate.

Meanwhile, all government transactions since 2021 have been converted using the NAFEX exchange rate which confirmed with the expiration of the N379/$1 exchange rate.

The adoption, therefore, means that all exchange rate transactions involving the public and the private sector will now reference the prevailing NAFEX rate as its official exchange rate.

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