The Governor of the Central Bank of Nigeria, Godwin Emefiele, has announced that the naira has depreciated at the official market to 410 against the dollar.
Emefiele made this known at a summit on the economy by Bank CEOs on Friday.
He said the supply of foreign exchange into Nigeria was affected by the drop in crude oil earnings and the associated reduction in foreign portfolio inflows.
The CBN governor 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/$.”
The naira exchanged for N478 to a dollar at the parallel market on Friday.
Nigeria’s Vice President, Yemi Osibanjo, said the Federal Government would address the shortage of foreign exchange.
“We have accepted that we need to take more dramatic step to boost exports in order to earn foreign exchange,” he said.
