CBN Spot FX Quotes for US Dollar, South African Rand, CFA
The Central Bank of Nigeria (CBN) official US dollar-to-naira exchange rate lost about 5% in two weeks, according to data obtained from the authority. The Nigerian Foreign Exchange Market (NFEM) rate closed at N1,604.4809 per US dollar at the beginning of the week.
The spot rate reached its intraday high of N1,630 and N1,593 as the lowest before closing that day at N1,599 per dollar. At the beginning of the month, the NFEM rate was priced at N1531, with N1535 as its intraday highest rate.
Analysts noted confusion about Nigeria’s official exchange rate has become very pronounced. Some investment banking firms and traders have been quoting numbers that do not reflect actual market rates.
Shedding light on the right spot rate for each day, the CBN said its official rate, NFEM rate, is derived at volume-weighted average and stands as the official exchange rate for the day.
The CFA rate closed at N2.7262, while the spot rate for the Japanese yen was N11.1500 and the South African rand was quoted at N84.713. #CBN Spot FX Quotes for US Dollar, South African Rand, CFA Kuda, SeerBit Partner to Enhance Seamless Online Transaction
