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The Naira to dollar exchange rate for the 23rd of June 2016 closed at the official interbank market at a price of N281. This compares to N281.5 to the dollar on Wednesday.
Details of the dollar and other exchange rates can be found below;
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
| 6/23/16 | US DOLLAR | 280 | 280.5 | 281 |
| POUNDS STERLING | 413.224 | 413.9619 | 414.6998 | |
| EURO | 318.22 | 318.7883 | 319.3565 | |
| SWISS FRANC | 292.7951 | 293.318 | 293.8408 | |
| YEN | 2.6505 | 2.6552 | 2.66 | |
| CFA | 0.4633 | 0.4733 | 0.4833 | |
| WAUA | 396.5528 | 397.261 | 397.9691 | |
| YUAN/RENMINBI | 42.5491 | 42.6255 | 42.7019 | |
| RIYAL | 74.6547 | 74.788 | 74.9213 | |
| DANISH KRONA | 42.7468 | 42.8231 | 42.8995 | |
| SDR | 398.104 | 398.8149 | 399.5258 |
Source: CBN
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So far, it does not seem like this new fx policy is meeting its objectives. I imagine it would take some time to truly kick in. My confusion right now is really how come some banks are charging rates higher than the parallel market for fx transactions. Can anyone give me a hint? I don’t get it.
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