The dollar now Officially ₦410/$1 CBN Governor, Godwin Emefiele confirms.

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) has confirmed that exchange rate of naira to dollar has been adjusted to N410/$1 at the official market. 

Addressing bankers at a summit on the economy in Lagos on Friday February 26, Governor Godwin Emefiele said the official exchange rate now stands at 410 to the dollar. 

Emefiele additionally disclosed that the drop in crude oil earnings and the related discount in international portfolio inflows considerably affected the availability of international trade into Nigeria. He expressed hope of elevated exports helping to spice up dollar supply.

He mentioned; 

“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/$.”