What is the meaning of Nafex?
Nigerian Autonomous Foreign Exchange Rate Fixing
NAFEX means the Nigerian Autonomous Foreign Exchange Rate Fixing mechanism commonly referred to as the “Investors’ and Exporters’ FX Window”.
What is Nigeria parallel market?
A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules. Ahead of yuletide, it is expected that the Central Bank of Nigeria (CBN) will intervene at the forex market by pumping more dollars to avert a sharp fall.
What is CBN dollar rate today?
CBN Exchange Rates
| Currency | Sell / Buy Rate | Change |
|---|---|---|
| USD | ₦ 416.32 / 415.32 | -0.02% |
| EUR | ₦ 459.62 / 458.51 | 0.11% |
| GBP | ₦ 547.21 / 545.9 | 0.04% |
| ZAR | ₦ 27.86 / 27.79 | 0.28% |
What is Nafex Nigeria?
NAFEX is the FMDQ benchmark rate for Foreign Exchange (“FX”) spot operations in the Investors’ & Exporters’ FX Window (hereinafter referred to as the “Window”). NAFEX is designed and generated independently and objectively and also published every business day at a specific time.
What is Nafex rate in Nigeria?
N410/$
IT’S OFFICIAL: Naira to now trade at N410/$1 as CBN adopts NAFEX rate. The Central Bank of Nigeria (CBN) has officially adopted the Nigerian autonomous foreign exchange (NAFEX) rate — weakening the naira by 8 percent to N410.
Is parallel market same as black market?
The term parallel exchange rate refers to the financial rate in a dual system or to the black market rate in a black market system. Where a black market coexists with a dual system, one of the two parallel markets will typically be much larger, and the rate in this market is referred to as “the” parallel rate.
How much is dollar in black market in Nigeria?
See CBN & black market exchange rate for dollar to naira aboki fx….Dollar to Naira Black Market Rate Today.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
|---|---|
| Selling Rate | 570 |
Is MBA trading registered with CBN?
“Mr Chairman, may we also bring to your knowledge that at a press conference unveiling MBA trading & capital investment ‘Bare to Blue Banquet’ that was held in Lagos on 16th and 17th of August 2019, the CEO of MBA, Maxwell Odum warned Nigerians not to see forex trading as gambling, saying MBA Forex and Capital …