The Central Bank of Nigeria has disclosed its determination to bring down the official exchange rate of the naira to the dollar to about N305.
Acting Director of Corporate Communications of the CBN, Mr. Isaac Okoroafor, disclosed this on Wednesday, while speaking on a radio programme, Fact File, on RayPower FM.
He assured Nigerians that the present success of the naira at the foreign exchange market would be sustained, noting that the current development was mainly aimed at making the exchange rate on the major segments of the market stay at par.
Okoroafor said, “We are bringing the rate down to the official CBN rate; N305 per dollar, that is our aim, as stressed by the CBN governor, Mr Godwin Emefiele,” while responding to a question on whether the apex bank would further bring down the exchange rate from the present N360 it directed banks to sell.
Recall that the dollar has been experiencing a free fall against the naira since the CBN introduced new measure in the forex market in February, where the apex bank ordered banks not to sell above N375 per dollar.
The CBN further brought down the rate to N360, when the parallel market was selling at N390 to the dollar.
