Home News Naira exchanges at N417,25/$1 – Kaftan Post

Naira exchanges at N417,25/$1 – Kaftan Post


Factual Pursuit of Truth for Progress


The Naira exchanged at N417.25 per dollar at the official forex trading portal on Thursday, after it closed at N416.00 per $1 on Wednesday.

Though the dollar opened in the parallel market for N565 per $1 today, the CBN does not recognise the parallel market, otherwise known as the black market.

The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.

“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.

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