Naira Plunges Lower As FG Adopts Flexible Exchange Rate Policy, See Current Rate

Naira on Monday fell against the U.S. dollar at the Investors and Exporters window as well as the parallel market, as the federal government said it has adopted the rate for the I&E window for its official transactions.
It was the second big fall recorded this month at the black market, according to data posted on abokiFX.com, a website that collates parallel market rates in Lagos. 

 According to the data posted, the currency closed at N486.00 on Monday, a N1.0 or 0.21 per cent devaluation from N485, the rate it stood since March 12. 

 The margin is significant as naira had been at or below 480 for months, after touching an all-time low at the unofficial market on November 20 last year, when it traded at the black market for N500. 

 This occurred as Nigeria adopted a new flexible exchange-rate policy for official transactions, a move that effectively marks the third devaluation of the local unit within year, Bloomberg reported. 

 “The government will start to use the flexible rate, that has until now applied to investors and exporters, for government transactions too,” the report quoted Zainab Ahmed, Finance Minister, to have said while briefing journalists in the state house on Monday in Abuja. 

 Mrs Ahmed said “Within the government and the central bank, there is only one official rate and that’s the Nafex rate,” Since the beginning of the year, the Nafex rate has been pegged at an average of N410 to the greenback currency, as against the Central Bank of Nigeria’s initial rate of N379. 

 On Monday, the currency fell slightly against the U.S. dollar at the I&E window, data posted on the FMDQ Security Exchange where forex is officially traded showed. 

  DAILY PARALLEL MARKET RATE

The exchange rate between the naira and the European euro stands at ₦582/€1 today, Tuesday, March 23rd 2021.


The rate had also closed at ₦582/€1 on Monday, March 22nd 2021.

 The exchange rate between the naira and the British pound sterling stands at ₦680/₤1 today, Tuesday, March 23rd 2021. 

 The rate had also closed at ₦680/₤1 on Monday, March 22nd 2021. 

 The exchange rate between the naira and the US dollar for today (Tuesday, March 23rd 2021), stands at ₦486/US$1 where it traded unofficially at the black market. 

The rate had also closed at ₦486/US$1 on Monday, March 22nd 2021.

This is a ₦1 depreciation as compared to ₦485/US$1 opening rate for  Monday.

Click the link below to see the current rate. Kindly share;

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