Tag
NAFEX RATE
The Nigerian naira held its value against the US dollar in the black market, but it slightly declined in the official market amid a mixed bag of U.S. economic data.
The FMDQ where forex is traded officially has implemented a +/-5% band around the previous day NAFEX while also caping bid/offer spread to N50.
Anyone conducting business involving forex in Nigeria will have to quote the prevailing NAFEX exchange rate as the official exchange rate.