Naira exchange rate against major international currencies
The Central Bank of Nigeria, (CBN), at the end of its 2018 maiden Monetary Policy Committee (MPC) meeting, held in Abuja yesterday, fixed interest rates at 14% to ensure the stability of the Nigerian naira against other major international currencies.
It is hoped that the decision would not affect the market.
As listed on the CBN’s official website, the Naira currently exchanges for N304.6 to $1 for those buying, while it is fixed at N305.6 to $1 for those selling.
However, on the black market, where most Nigerians take care of their forex needs, the rates are fluctuating between N360 to $1 for those buying and N362 to $1 for those selling, Naija News understands.
Also, officially, the Naira to British pounds exchanges for N427.7193 to £1 for those buying and N429.1235 to 1£ for those selling.
However, on the black market, it is N500 to £1 for those buying, and N505 to £1 for those selling.
On the parallel market, the Euro exchanges at N437 to €1 for those buying and N442 to €1 for those selling.
Officially, it is 374 to €1 to buy Euro and 375 to €1 to sell.