Naira Dips to 410/$ at Official Market – Emefiele

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Naira Dips to 410/$ at Official Market – Emefiele
Obiajulu Joel Nwolu

Mr Godwin Emefiele, Governor of the Central Bank of Nigeria has said that the naira has suffered a dip in value to 410 against the dollar at the official market.

The apex bank boss disclosed this while speaking at a summit on the economy by Bank CEOs on Friday.

He said the depreciation was occasioned by the drop in crude oil revenue and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.

Emefiele said, “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/$.”

Reports suggest the naira exchanged for 478/$ at the parallel market on Friday.

Speaking on the state of the economy, the Vice President, Prof. Yemi Osibanjo, said the Federal Government would address the shortage of foreign exchange.

He said, “We have accepted that we need to take a more dramatic step to boost exports in order to earn foreign exchange.”

Osinbajo pledged that the government would combine limited resources to expand the supply base.

He further said the Federal Government would ensure the expansion and promotion of export trading houses, ensure that companies in the special economic zones exported most of their productions, as well as expand the export grant scheme.

This post was written by Obiajulu Joel Nwolu.

The views expressed here belong to the author and do not necessarily reflect our views and opinions.

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