The Central Bank of Nigeria (CBN) has removed the exchange rate of N379/$1 from its website homepage conforming with the bank’s policy that the NAFEX rate is now the default reference exchange rate for official and legitimate transactions.
Since the Central Bank last adjusted the exchange rate in August 2020, it has retained the exchange rate of N379/$1 on its website homepage which in the past, represented the official exchange rate. The exchange rate displayed on the website has historically been referenced as the official exchange rate of the country.
However, all government transactions since 2021 have been converted using the prevailing exchange rate at the official NAFEX window confirming that the erstwhile official exchange rate of N379/$1 is dead.
NAFEX is the official exchange rate. Nigeria operates multiple exchange rate windows ranging from the I&E (NAFEX) window where forex is traded between exporters, investors and purchasers of forex, the SMEIS window where forex is sold to importers and the BDC window which is where forex is sold to retailers. Several calls have been made both locally and from abroad to get the CBN to unify the multiple exchange rates.
Sources within the apex bank say that the official exchange rate recognized for transactions between parties has always been the NAFEX rate. They also claim this is the exchange rate used by the Federal and State Governments when monthly allocations are shared.