The Central Bank of Nigeria (CBN) confirmed the new official foreign exchange rate as N410.25 to the dollar.
This was made known on the apex bank’s website on Monday after it had removed N379/$ earlier in May.
The new NAFEX Investor & Exporter forex window rate will serve as the official rate that banks are expected to provide foreign exchange customers with the dollar.
The naira officially depreciated to N410/$ recently, with Godwin Emefiele, Governor of the CBN, saying that he 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 N305/$ to N360/$ and now hovers around N410/$,” Emefiele had said.