The federation account allocation committee (FAAC) says it has adopted the N436.38/$1 exchange rate for the month of June remittances. The development is contained in the monthly presentation of the
June 25, 2023 11:30 PMThe federation account allocation committee says it has adopted the N436.38/$1 exchange rate for the month of June remittances.
The development is contained in the monthly presentation of the Nigerian National Petroleum Company Limited to the FAAC meeting on June 22. The committee had said it shared the sum of N786.161 billion to the federal and state governments as well as local government areas in May – up fromThe committee will use its new exchange rate, “as advised by the Central Bank of Nigeria”, for June’s remittances, according to the report.floating exchange rate – allowing supply and demand in the FX market to determine the value of the naira – which was implemented on June 14.
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