CBN Governor confirms adjustment of naira to N410/$1 at official market

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has confirmed that the naira has depreciated at the official market to N410 against the dollar.

Emefiele, who spoke at a summit on the economy by Bank CEOs on Friday, February 26, said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.

“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/$,” he said.