CBN removes N379/$1 exchange rate from website

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.

A check confirms it has been removed while sources within the CBN also confirmed it has been officially removed.

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.

The reason for its removal is yet to been known public to customers.