Mr. Godwin Emefiele who spoke at a summit on the economy by Bank CEOs in Lagos recently, 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 order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from 305/$ to 360/$ and now hovers around 410/$,” he said.
However, the official exchange rate of dollar to naira at the parallel market is now 480/$, and the current exchange rate of dollar to naira at the official market is now 410/$
What do you think about the recent depreciation of Naira to Dollars, feel free to drop your opinion on the comment section below let's discuss. Thanks.
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