The Central Bank of Nigeria has adopted the Nafex rate as the government’s official exchange rate for the naira, effectively devaluing the currency by 7.6 per cent.

CBN posted the I&E rate on Monday on its website two weeks after it deleted the previous official fixed rate of 379 naira.

The currency exchanged 410.25 for a dollar on the relatively flexible Nafex or Investors and Exporters window.

This is coming almost two weeks after the CBN erased from its website the exchange rate that for about a year was seen as the government’s official rate.

In March, the CBN had denied devaluing the naira after the Minister of Finance, Zainab Ahmed, said the government had adopted the Nafex rate used by investors and exporters.

CBN governor Godwin Emefiele, at the time reiterated that the apex bank still maintained the “official rate” of N379, while the Nafex rate of N410 was adopted for certain government businesses.

Emiefele said the CBN was operating a “managed float” policy, which allows it to watch market dynamics and intervene in the market whenever necessary.

The Nafex rate has oscillated between 408 and 412 for months, a significant fall from the 379 the CBN listed as the exchange rate on its website.

One thought on “CBN finally devalues Naira, adopts Nafex rate”
  1. Please Mr. CBN governor we youths of Nigeria are suffered and we need naira to be equal to Dollar, so that all these inflation will be come down, it hard for family to a bag of local rice which we are producing within our country, everything in the market are going higher in price everyday, businesses are closed down due to high rate of loan most especially those money lenders in the societies, please sir/ma what can you do about these.

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