Nigeria Business & Finance Updates

Naira Exchange Rates

Daily Naira/Dollar/Pounds/Euro Exchange Rates

Parallell Market – (Lagos) NGN/USD/GBP/EUR

December 6, 2019358/360462/467390/396
December 5, 2019358/360461/467392/396
December 4, 2019358/360460/466390/396
December 3, 2019358/360460/465390/395
December 2, 2019358/360461/465390/395
November 29, 2019358/360462/466390/395
November 28, 2019358/360462/465390/395
November 27, 2019358/360460/465390/395

The parallel market rates represent the average rate from various black market dealers on the Lagos mainland and island.

There may be a N2/3 differential between Island and Mainland rates.

Central Bank of Nigeria (CBN) / Interbank Rates

December 6, 2019 306.95403.39340.53
December 5, 2019 306.95401.24339.91
December 4, 2019 306.95400.06338.98
December 3, 2019 306.95396.67337.89
December 2, 2019 306.95396.21337.73
November 29, 2019 307.00396.42337.82
November 28, 2019 307.00395.47337.85
November 27, 2019 307.00394.89338.19

The Interbank rates show the current CBN exchange rates and official interbank rates. There are about 6 Forex windows maintained by the CBN each with a different exchange rate.

The windows are:

  1. Official Interbank Wholesale window
  2. NAFEX Window (NAFEX – Nigerian Autonomous Foreign Exchange window) quoted on the FMDQ OTC Securities Exchange platform
  3. NIFEX Window (NIFEX – Nigerian Foreign Exchange window) quoted on the FMDQ OTC Securities Exchange platform
  4. I & E Window (I&E – Investors and Exporters foreign exchange window). This includes loan repayments, loan interest payments, dividends/income remittances, capital repatriation, management services fees, consultancy fees, software subscription fees, technology transfer agreements, personal home remittances and any such other eligible invisible transactions including Miscellaneous Payments as specified under Memorandum 15 of the CBN Foreign Exchange Manual.
  5. SME Window – to enable SMEs import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter.
  6. SMIS Window (SMIS – Secondary Market Intervention Sales) for software developers, exporters. This includes international Airlines Ticket Sales Remittances
Unlike the general official interbank market, the rate at the I & E, NIFEX and NAFEX windows are market determined based on the forces of demand and supply, and are not set by the CBN.

FMDQ – Financial Market Daily Quotes
OTC – Over The Counter