Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) has confirmed that exchange rate of naira to dollar has been adjusted to N410/$1 at the official market.
Emefiele was addressing bankers at a summit on the economy in Lagos on Friday February 26, when he announced the new official exchange rate.
He also disclosed that the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. He expressed hope of increased exports helping to boost dollar supply.
He said;
“In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$.”
