CBN Confirms N410.25/$ As The New Official Exchange Rate

The Central Bank of Nigeria has officially made the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar.

This new official rate was confirmed on the CBN website on Monday night, after it had taken out N379/$ earlier in May.

Following a quote from the Central bank Governor, Godwin Emefiele, it was earlier reported that the naira officially depreciated to N410/$.

Emefiele had 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.

“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.

Recall that in April 2017, the CBN established the I&E forex window as part of means to deepen the foreign exchange market and accommodate all forex obligations.

The purpose of the window was to yield liquidity in the forex market and ensure timely execution and settlement for eligible transactions.