CEM REPORT, MARKET | Right in the heat of the cashless policy and the naira redesign and circulation, exchange rate against foreign currency has been stable at the official window, that cannot be the same with the alternative market operators whose reaction to demand and supply make rates in that space more erratic.
Local exchangers are currently selling the US dollars at N756 while they are willing to buy the same at N754.
The CBN on the other hand while still trying to maintain the rate has kept it within range. The dollar by the CBN rate is averaging at N460.42.
The CBN continues to implement and formulate policies that will strengthen the Naira. However, it hasn’t been able to hold a uniform exchange rate
Black market rates for pounds and euros are selling at N795 and N945 respectively.
Local exchangers are willing to buy the pounds and euro at N780 and N930 respectively.
The CBN rate for the Pounds and Euros stands at N554.8061 and N495.7803 respectively.