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REVEALED! NGN vs USD: How Much the Naira Has Crumbled Again at Official Window

by Thomasina Oseye
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REVEALED! NGN vs USD How Much the Naira Has Crumbled at Official Window

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The Nigerian naira experienced a decline at the official exchange window, trading at ₦1,169.99 against the American dollar. This represents a drop of 1.38% compared to the previous trading day. The naira also depreciated by 17.14% to ₦1,230 per dollar, ending the recent upward trend at the street market since March 20.

The Central Bank of Nigeria (CBN) has denied selling foreign exchange (FX) to bureau de change (BDC) operators at the rate of ₦1,001/$1. The CBN clarified that a circular claiming the sale of $10,000 to BDCs at the rate of $1,001/$1 was “fake”. The CBN stated that BDCs are required to sell to eligible end users with a margin of no more than 1.5% above the buying cost.

It is important for Nigerians to refer to the CBN’s official website for authentic information regarding foreign exchange rates and policies. The CBN aims to provide transparency and stability in the foreign exchange market.

This article was updated 1 month ago

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