Fitch Ratings says Nigerian banks’ ability to access foreign currencies has improved since the Central Bank of Nigeria introduced a foreign exchange window aimed at investors and exporters.
The Nigerian Autonomous Foreign Exchange Rate Fixing mechanism, commonly referred to as the “Investors’ and Exporters’ FX Window” has boosted investors confidence.
NAFEX provides investors and exporters with a more transparent mechanism through which they can sell Forex to willing buyers.
Authorised banks act as intermediaries, clearing funds supplied by portfolio investors and exporters.
Its official exchange rate is N305 to the US dollar.