Tuesday , June 15 2021

CBN sets N410.25 to a Dollar as new official exchange rate

The Central Bank of Nigeria has officially made the Nigerian Autonomous Foreign Exchange Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar.

The official new exchange rate to a dollar is now N410.25.

The Central Bank Governor, Godwin Emefiele, added that the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into the country.

 

2,614 ILLEGAL MINERALS EXPORTS RECORDED IN FOUR YEARS – FG

The Minister of Mines and Steel Development, Olamilekan Adegbite, in his opening remarks at a stakeholders’ consultative forum on Draft Minerals Export Exports Guidelines, Procedures and Documentation requirements held in Abuja, said out of 2,670 mineral exports made from Nigeria between January 2013 to June 2017 only 56 were issued Mineral Export Permits by the ministry and acknowledged to have paid royalties based on documents from the Nigeria Customs Service.

In order to curtail loss of revenue, Adegbite said the Federal Government is set to recover the unpaid royalties from mineral exports, as well as establish measures to block revenue leakages and remove undue bottlenecks in the transaction process of exporters and government regulatory agencies.

Meanwhile, the Minister of Finance, Budget and National Planning, Zainab Ahmed, added that there was an urgent need to improve policies and regulations in the Nigerian solid mineral sector.

 

NIGERIA FX EXCHANGE MARKET RATE TUESDAY 25TH MAY 2021

USD                 EURO                GBP

482 / 486        583 / 587        680 / 686

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