Nigeria’s currency, naira weakens to N410 to a dollar_ CBN Governor

Nigeria Central Bank Governor, Godwin Emefiele has said the naira has further depreciated at official rate, to N410 against $1.

Emefiele, who spoke at a summit on the economy by Bank CEOs on Friday, 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.

Meanwhile, Nigeria’s Vice President, Prof. Yemi Osinbajo, assured that the Federal Government would address the shortage of foreign exchange.

He said the government would combine limited resources to expand the supply base.

“We have accepted that we need to take more dramatic step to boost exports in order to earn foreign exchange,” he said.