The forex shakeup is just one of a raft of decisions taken by former Lagos State governor Tinubu since he came to presidency two weeks ago promising reforms to revitalise the economy of Africa's most populous nation. The controls had created a back up in demand for foreign currency and a thriving black market or parallel trade where the naira was selling at around 750 to the greenback.įoreign airlines operating in Nigeria, for example, had often complained of their inability to expatriate millions of dollars of their earnings because of the controls. "A lot of the market distortions that were there because the central bank and the Nigerian government were trying to control the FX price, will go.
"It is effectively both a devaluation as well as a deregulation," said Tunde Ajileye, an analyst at Nigeria's SBM Intelligence. The naira currency had officially traded at around 460 to the dollar last week, but by the end of official trade on Wednesday it had closed at around 660 to the dollar, according to local traders and analysts. "All segments are now collapsed into the Investors and Exporters window," it said in a statement posted on its website. Worst exchange rate of March 2022: 50.8404, Best exchange rate of March 2022: 51.5244, Average exchange rate in March 2022: 51.The naira will also be traded at a "willing buyer, willing seller" market rate instead of regulated rates against the US dollar and other currencies, the statement said.
Worst exchange rate of February 2022: 49.9011, Best exchange rate of February 2022: 51.0857, Average exchange rate in February 2022: 50.5013 Worst exchange rate of January 2022: 49.1482, Best exchange rate of January 2022: 49.8419, Average exchange rate in January 2022: 49.5904 US Dollar to Ethiopian Birr Monthly Exchange Rates You can exchange cash at any bank and you will get the best rate as all banks in Ethiopia use the same Commercial bank of Ethiopia exchange rate. Converting US Dollar (USD) to Ethiopian Birr (ETB) in 2022 with the best, worst and average exchange rates of the year Table of 1 US Dollar to Ethiopian Birr Exchange Rate: Ethiopian Currency FAQs How can I find the best exchange rate It is illegal to buy Ethiopian Birr in the black market hence it is advisable to use only official banks.
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