Naira Depreciates To 410 At Official Market

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has announced that naira has depreciated at the official market to 410 against the dollar.
Emefiele, who disclosed this at a summit on the economy by Bank CEOs on Friday, noted that the drop in crude oil earnings and the shortcomings 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 stays around N410/$,” he said.The naira exchanged for 478/$ at the parallel market on Friday.

The Vice President, Prof. Yemi Osibanjo, said the Federal Government would discuss the shortage of foreign exchange.
“We have agreed that we need to take more steps in order to boost exports to earn foreign exchange,” he said.
Osinbajo said the government would combine limited resources to expand the supply base.