The Central Bank of Nigeria (CBN) has officially adopted the Nigerian autonomous foreign exchange (NAFEX) rate — weakening the naira by 8 percent to N410.25/$1. The apex bank has also updated its website to reflect the new rate. Two weeks ago, TheCable had reported the removal of the official exchange rate of N379 to a dollar from its website — in a bid to unify the country’s forex (FX) rates. This implies that the nation’s official exchange rate will be determined by NAFEX rate or the importer and exporter (I&E)…
Read MoreNAIRA NOW TRADES AT N401/$1 AS CBN ADOPTS NAFEX RATE
