CBN Governor, Emefiele: Naira has been adjusted to N410 per $1
Governor of the Central Bank of Nigeria, Godwin Emefiele has verified that exchange rate of naira to dollar has been adjusted to N410/$1 at the official market.
This verification was made by the Central Bank of Nigeria Governor while addressing bankers at a summit on the economy in Lagos.
Emefiele said the official exchange rate now stands at 410 to the dollar.
Emefiele also disclosed that the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.
He expressed hope of increased exports helping to boost dollar supply.
“In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$.”
In other news, WITHIN NIGERIA reported that Governor of the Central Bank of Nigeria (CNB) Godwin Emefiele on Tuesday appeared before the Senate to defend the ban on cryptocurrency trading in the country.
The Senate invited Emefiele to brief its committees on the opportunities and threats of cryptocurrency on the nation’s economy.
CBN’s director of banking supervision Bello Hassan in a circular said cryptocurrencies are “issued by unknown and unregulated entities”.