The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has suggested the nation’s currency has been devalued.
Addressing bankers at a summit on the economy in Lagos on Friday, he 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.
The West African nation’s currency has been devalued twice since March last year. Another adjustment of the exchange rate could pave the way for further discussions with the World Bank, which is withholding a $1.5 billion loan until the government
 Governor, Godwin Emefiele has suggested the nation’s currency has been devalued.){kind=link}