Naira Confirmed at N410/$1 by the CBN Governor at official market.

Godwin Emefiele who is the Governor of the Central Bank of Nigeria has confirmed the depreciation in the Naira currency in the official market to N410 per dollar.

However, about two weeks ago, it was reported that the exchange rate between the naira and the dollar currency at the Investors and Exporters window where forex is officially traded closed above N400/$1 since the second week in February.

On this, the Federal Government of Nigeria hopes to take considerable steps that will increase the rate of exportation in Nigeria in other to earn foreign exchange which will, in turn, boost the supply of dollars.

Based on the statement disclosed by Emefiele and reported by Punch, on a special summit on the economy organized by Vanguard Newspaper in collaboration with the CBN and Chief Executive Officers of banks in Lagos on Friday, 26 of February 2021.

The CBN Governor also mention that the reduction in foreign portfolio inflows and the reduction in crude oil earnings, has affected the supply of foreign exchange.

In his words,

In order to adjust for the decrease in the supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$.’

According to the vice president of Nigeria, Prof. Yemi Osibanjo who was also present on the occasion said that the FG would address the shortage of foreign exchange.

In his words;

We have accepted that we need to take a more dramatic step to boost exports in order to earn foreign exchange.

He also mentioned that the FG is working on expanding and promoting export trading houses, and also ensure that companies in the special economic zones exported most of their productions, as well as expand the export grant scheme.

Conclusion

They have been a depreciation in the Naria currency as it now closes at N410/$1 in the official market.

The Governor of the Central Bank of Nigeria, Godwin Emefiele also confirmed the statement.

However, according to the vice president, the FG is working hard to address the shortage of the foreign exchange.