Published
2 months agoon
The exchange rate between Nigeria’s Naira and United States’ dollar as at today, Friday, March 5, stands at ₦480/$1 in the parallel market while the official rate of the Central Bank of Nigeria (CBN) stands at N379/$.
NairaWatch can report that the exchange rate on Thursday, March 4, also closed at ₦480/US$1 in the parallel market and the official rate of the CBN as well stood at N380/$1.
The exchange rate between Nigeria’s Naira and British pound sterling at the parallel market as at today, Friday, March 5, stands at ₦673/₤1 and while the official rate of the Central Bank of Nigeria (CBN) stands at N523/₤1.
The exchange rate on Thursday, March 4, at ₦672/₤1 in the parallel market, and the official rate of the CBN stood at N515/₤1.
The exchange rate between the local currency and European euro at the black market as at today, Friday, March 5, stands at ₦580/€1 while the exchange rate of the CBN stands at N460/€1.
The exchange rate on Thursday, March 4, also closed at ₦580/₤1 in the parallel market and the official rate of the CBN stood at N461/€1.
Meanwhile, Techeconomy.ng reported that the CBN had collapsed the multiple exchange rate policy that determined the value of the naira and adopted a single exchange rate.
The country will now have a uniform rate for the official rate, bureau de change operators, importers and exporters amongst others.
This was contained in a circular signed by the Direct, trade, and exchange department of the CBN, Ozoemena Nnaji, on the disbursement of the proceeds of the International Money Transfer Operator (IMTO).
David Oladele is the Business Correspondent, TechEconomy.ng. All Correspondence to: [email protected]