The Central Financial institution of Nigeria has formally made the NAFEX Investor & Exporter foreign exchange window fee of N410.25 as its official trade fee to the greenback.
It confirmed this new official fee on its web site on Monday evening, after it had eliminated N379/$ earlier in Could.
Few weeks earlier, the Punch had completely reported that the naira formally depreciated to N410/$, quoting the Central Financial institution Governor, Godwin Emefiele.
Emefiele had stated that the drop in crude oil earnings and the related discount in overseas portfolio inflows considerably affected the provision of overseas trade into Nigeria.
“To be able to alter for the lower in provide of overseas trade, the naira depreciated on the official window from N305/$ to N360/$ and now hovers round N410/$,” he stated.
It could be recalled that in April 2017, the CBN established the I&E foreign exchange window as a part of efforts to deepen the overseas trade market and accommodate all foreign exchange obligations .
The aim of the window was to spice up liquidity within the foreign exchange market and guarantee well timed execution and settlement for eligible transactions.