EXPLAINER: Everything You Need To Know About NAFEX, New Exchange Rate

EXPLAINER: Everything You Need To Know About NAFEX, New Exchange Rate



3 years ago

~1.1 mins read

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Yesterday (Tuesday, May 25, 2021), the Central Bank of Nigeria (CBN) officially adopted the Nigerian Autonomous Foreign Exchange (NAFEX) rate, a development that has seen naira weakened by 8 percent to N410.25 per $1.

NAFEX was introduced by the apex bank four years ago in response to the currency crisis at the time.

In a circular published on April 24th, 2017 by the FMDQOTC where the exchange rate is determined by the market, the circular read in part: "This Market Notice is issued pursuant to the Central Bank of Nigeria ("CBN") circular dated April 21, 2017

https://newsrand.com/2021/05/26/explainer-everything-you-need-to-know-about-nafex-new-exchange-rate/.

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