Advertisement
2023 GOVERNORSHIP AND
STATE HOUSE OF ASSEMBLY ELECTIONS
- days
- Hours
- Minutes
- Seconds
Advertisement
The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the naira has depreciated at the official market to 410 against the dollar.
Emefiele, who spoke at a summit on the economy by Bank CEOs on Friday, said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.
Advertisement
“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/$,” he said.
The naira exchanged for 478/$ at the parallel market on Friday.
The Vice President, Prof. Yemi Osibanjo, said the Federal Government would address the shortage of foreign exchange.
“We have accepted that we need to take more dramatic step to boost exports in order to earn foreign exchange,” he said.
Osinbajo said the government would combine limited resources to expand the supply base.
The Federal Government, he added, 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.
Source: www.punchng.com
Disclaimer
Contents provided and/or opinions expressed here do not reflect the opinions of The Pacesetter Frontier Magazine or any employee thereof.
Support The Pacesetter Frontier Magazine
It takes a lot to get credible, true and reliable stories.
As a privately owned media outfit, we believe in setting the pace and leaving strides in time.
If you like what we do, you can donate a token to us here. Your support will ensure that the right news is put out there at all times, reaching an unlimited number of persons at no cost to them.
Related posts
Stay connected
Recent News
Suspend Nigeria Air, Reps to FG; demand prosecution of officials involved in aircraft unveiling
Advertisement The House of Representatives Committee on Aviation has called for the suspension of the establishment of Nigeria Air. It…
Abia’s Otti Terminates All Appointments For State Revenue Enforcement
Advertisement The Governor of Abia State, Alex Otti, has approved the termination of all appointments for any type of revenue…