Despite confirmation, Friday, February 26, by Godwin Emefiele, Central Bank of Nigeria (CBN) governor of adjustment of naira to N410/$1 at official market, the Bank’s official website still carries exchange rate of N379/$ as at Saturday, February 27.
This is even as more concerted efforts are being intensified to boost exports in order to earn the foreign exchange.
Justifying the adjustment at a special summit in Lagos on Friday, Emefiele said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.
He said, “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/$.’’
Beside raking in much naira monies, it is also believed that the development may pave way for resumption of discussion on the $1.5billion world Bank outstanding loan, since the world financial body is requesting for the reform of tje foreign exchange market with the aim of eliminating the pervasive multiple exchange rates.
“We have accepted that we need to take a more dramatic step to boost exports in order to earn foreign exchange, ’’ Osinbajo said.
He assured that this will partly be achieved through 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.
