As a result of the launch of the new Nigerian Autonomous Foreign Exchange System (NAFES), the Central Bank of Nigeria (CBN) has formally depreciated the naira (NAFEX).
The Central Bank of Nigeria has depreciated the currency by 8%, to N410.25 per dollar.
The bank also announced a change of policy on its website.
Two weeks ago Reuters news agency reported that the bank would devalue the naira by depreciating from N379 per dollar to keep the price of one naira in the market.
This change means that from now on the market will be able to determine the value of the naira or its exchange rate during the exchange.
Nigeria has long used a variety of foreign exchange policies, which is why the CBN is focusing on the same process now.
It is uncertain how its value will be in the aftermarket, as the naira has recently reached N490 per dollar.
Below is a list of the current exchange rates against dollars, euros and pounds:
- Dollar – $ 1 / N410.25
- Pounds – £ 1 / N579.64
- Euro – € 1 / N501.07