Nigerian central bank governor suggests naira has been devalued

0Shares

Addressing bankers at a summit on the economy in Lagos on Friday, Governor Godwin Emefiele said the official exchange rate now stands at 410 to the dollar. That’s 7.6% weaker than the rate of 379 published on the central bank’s website.

“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/$,” Emefiele said in Nigeria’s commercial hub.

The central bank’s spokesman could not be reached when contacted to clarify the governor’s statement.

A weaker official rate would boost government naira revenue from crude, which is sold in dollars but converted to naira at the official rate of 379 naira per dollar. Earnings from oil exports account for about half of revenue going into the national treasury and about 90% of foreign-exchange earnings in the West African nation.

What do you think?

Written by Dammy

Leave a Reply

Your email address will not be published. Required fields are marked *

Ivory Coast becomes the second country to receive the Covax vaccine

2Face shades Apostle Suleman over ‘money-making through speaking in tongues’