The naira exchanged to the dollar at N490/$ at the parallel market on Thursday.

According to naijabdcs.com, the official exchange rate website of the Central Bank of Nigeria for the Bureau de Change operators, the country’s currency was bought and sold at N488/490 to the dollar as of Thursday evening.

The naira had earlier exchanged to the dollar at N483 in previous week.

The CBN recently adopted the the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar.

It confirmed this new official rate on its website on Monday night, after it had removed N379/$.

It would be recalled that in April 2017, the CBN established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.

The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

Also, the CBN Governor, Godwin Emefiele, has said that digital currencies have a place in the country.

He made this known during the 279th Monetary Policy Committee meeting in Abuja.

Emefiele said, “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria.”

This revelation by the CBN aligns with the trend in developed nations in the world. The central banks of China, South Korea, the United States, and a host of other countries are in the process of launching their own digital currencies also.

Raising concerns about cryptocurrencies, Emefiele said, “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate.

“Under cryptocurrency and Bitcoin, Nigeria comes second while in the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.”

Since the CBN’s ban on cryptocurrencies, peer-to-peer trading has increased greatly. Paxful, crypto trading platform, recently announced that Nigerians had traded $1.5bn to become its biggest market.

In a February 7, 2021 circular, the CBN had said, “First, in light of the fact that they are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007), as the issuer of legal tender in Nigeria.”

Source: https://punchng.com/naira-slips-to-490-at-parallel-market-cbn-plans-digital-currency/

Nigcoin

Nigeria going going gone.

Naira Marley.

Again .....isok oo

prior to 2015, one man from d west, another from d north, promised that $1= 1Naira.
all d sai baba people, how market?

For the want of a "hard man"... we lost everything including the part we needed the "hard man"...

Getting Interesting.

I have a feeling $0.00 is bigger than ₦0.00.

Ok

Very soon, NIGERIA naira and zimbabwe currency go be the same. CBN go closed down for Nigeria, we go begin dey spend ghana cedis or rand

lamilati1010:
Our Naira is the worst performing currency in Africa from the look of things, or at least in West Africa.

No its not. Thank God for Ghana.

The Cedi is a perpetual basket case. Some years ago, 4 zeros was removed from the currency. It went from 10,000 Cedi to a dollar to 1 Cedi to a dollar.

Guess what the exchange rate is today? $1 = 5.67 Cedi

the only way to save this country is to destroy buhari

Keep on writing crap.

When you go and exchange your naira with Cedis, tell the person you are changing from that Ghana removed 4 zeros from their currency so he he should give you that value multiplied by 4. Na slap you go get. Some people are just too ...........

Ghana is not responsible for Nigeria's problems. So shut up and deal with your issues, and stop dragging other peopl3 into things they have no interest in.

Perpetual basket case indeed And the naira is what? Fuckeduppedness

grandstar:


No its not. Thank God for Ghana.

The Cedi is a perpetual basket case. Some years ago, 4 zeros was removed from the currency. It went from 10,000 Cedi to a dollar to 1 Cedi to a dollar.

Guess what the exchange rate is today? $1 = 5.67 Cedi

Ok

That one sef dey !!?

Abeg do quick and create it

Wahala

People fail exam not because they did not hear what the teacher said but because they don't understand... buhari promise change and the change get from 1 to zero and he again applied for next level and you're IQ didn't still tell you that it's from stream to river,I hope everyone would learn two to three things in this God forbid regime

Cbn Ala... This guy's are just madding everywhere...

Imagine blocking our trades for long time but now want to start theirs

Nigerians will survive this , they're used to it na.

Politicians and kidnappers would kick against digital currency.

Expect resistance in the next coming days.

Hmmm

Expect #1000/$ before the end of this tenure

How will that help?

There was a country. Am happy I chose freelancing as a career

Shioor! Far above 490. When you need bulk, that's when reality will set on you.
My sincere sympathy to everyone who is a contractor. Some people are actually in pains or debt as a result of this sharp dollar increment. Was in my friend office yesterday and I saw the speed he left the office to go get some material of a job he got. sadly, there's increase in the materials b4 he got to the market far above the amount he got the job. I hope the client is an understanding client to give him more funds. God no go Shame us! Amen!