Nigeria Set To Start Central Bank Digital Currency On 1st October 2021

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The exchange rate between the naira and the US dollar closed at N411.5/$1 at the official Investors and Exporters window.

Naira gained against the US dollar on Friday, to close at N411.5/$1 compared to N411.67/$1 recorded at the close of trade on Thursday, 2nd September 2021, representing a 0.04% appreciation. In terms of performance for the week, Naira gained N0.5 against the US dollar in the week’s trade.

Meanwhile, the exchange rate remained flat at the parallel market to close at N530/$1.

This represents a record low compared to an average of N515 recorded in the previous month.

The naira fell to an all-time low of N530/$1 against the US dollars in the black market on Thursday and has since maintained the rate.

The depreciation at the black market was attributed to increased demand for foreign exchange by importers who cannot access forex at the official window.

The exchange rate gained against the US dollar on Friday 3rd September 2021 to close at N411.5 to a dollar, representing a 0.04% appreciation compared to N411.67/$1 recorded in the previous trading day.

The opening indicative rate closed at N411.42/$1, the same as recorded on Thursday, 2nd September 2021.

Meanwhile, Nigeria is set to kick start the pilot scheme of its Central Bank Digital Currency (CBDC) known as ‘e-Naira’ on the 1st of October 2021, with the Blockchain technology known as the Hyperledger Fabric Blockchain being adopted.

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