Naira Exchanges For N491/$ At Parallel Market
The naira exchanged to the dollar at N491.5/$ at the parallel market on Wednesday.
Reports has it that the official exchange rate website of the Central Bank of Nigeria for the Bureau de Change operators, the country’s currency was bought and sold at N487/491.5 to the dollar as of Wednesday evening.
The CBN recently adopted the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar.
This new official rate was confirmed on its website on Monday night, after it had taken out N379/$.
Recall that in April 2017, the CBN established the I&E forex window as part of means to deepen the foreign exchange market and accommodate all forex obligations.
The purpose of the window was to increase liquidity in the forex market and ensure timely execution and settlement for eligible transactions.
