NairaWatch: Naira remains stable against dollar, exchange rate N480/$1

 

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.

• Naira: ₦480/379
• Dollar: $1
• Date: March 5th, 2021

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.

• Naira: ₦673/523
• Pounds Sterling: ₤1
• Date: March 5th, 2021

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.

• Naira: ₦580/460
• Euro: €1
• Date: March 5th, 2021

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).