CBN Governor Confirms That Naira Has Depreciated to N410/$1 At Official Market

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The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has confirmed that the naira has depreciated at the official market to N410 against the dollar, Njenje Media News reports.

Emefiele, at a summit on the economy by Bank CEOs on Friday, February 26, said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.

In his words;

“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.

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