CBN Adjusts Naira To N410/$1- Emefiele

Godwin Emefiele, CBN Governor straightnews
Godwin Emefiele, CBN Governor

Central Bank of Nigeria (CBN) has adjusted exchange rate of naira to dollar (N410/$1) at the official market, Godwin Emefiele, the CBN Governor has confirmed. 

Addressing bankers at a summit on the economy in Lagos on Friday, February 26, Emefiele said the official exchange rate now stands at 410 to the dollar. 

Emefiele also stated 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.

The CBN boss 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/$.”