The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has explained why the Nigeria naira depreciated at the official market to 410 against the dollar.

The CBN governor on Friday at a summit on the economy by Bank CEOs, said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.

He said “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/$.”

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 stated.

He added that the government would combine limited resources to expand the supply base.

Also the Federal Government 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.