The naira traded at N491.5/$ to dollar at the parallel market on Wednesday.
The Central Bank of Nigeria (CBN) disclosed this on naijabdcs.com, the apex bank’s official exchange rate website for the Bureau de Change operators. The Naira exchanged at N487/491.5 to the dollar as of Wednesday evening.
The CBN recently announced its adoption of the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the greenback.
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The CBN confirmed this new official rate on its website on Monday night, after it had replaced the previous rate of N379/$.
It would be recalled that in April 2017, the CBN established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.
The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.
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