The Nigerian foreign exchange market is governed by Exchange Control Regulations.
The Central Bank of Nigeria (CBN) is mandated to implement foreign exchange policies and monitor the inflow and outflow of foreign exchange in Nigeria.
The primary currencies traded versus the NGN are the Euro, USD, GBP, AUD, CAD and JPY.
Foreign exchange in Nigeria can only be traded through Authorised Dealer banks whilst cash notes, travellers cheques and travel cards can be purchased or sold through licensed Bureau de Changes found throughout the country.
The Nigerian Naira (NGN) is a free floating currency whose value is determined by supply and demand within the interbank markets.
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