CBN has confirmed NAFEX Investor & Exporter forex window rate is now Nigeria’s official benchmark rate of exchange. The central bank of Nigeria reported an official exchange rate of N410.25/$1and referenced it as “NAFEX Exch, Rate (USD) on its website.
It confirmed this new official rate on its website on Monday night, after it had removed N379/$ earlier in May., conforming with the bank’s policy that the NAFEX (Nigerian Autonomous foreign exchange Rate Fixing) rate is now the default reference rate of exchange for official and bonafide transactions.
Also, the central bank of Nigeria’s (CBN) monetary policy committee has voted to keep the monetary policy rate at 11.5 percent.
The CBN governor, Godwin Emefiele had said that the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. He declared the committee’s decision at the end of a two-day meeting at the CBN headquarters on Tuesday, May 25.
The liquidity ratio was also held at 30% and therefore the cash reserve ratio (CRR) was kept at 27.5 percent by the committee.
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