Naira drops N411 to dollar

The naira traded at a record low against the dollar at the official NAFEX window on Friday.

Reuters reports that this could be a move by the CBN to unify multiple exchange rates.

The naira closed at 411.25 — the last closing rate for the naira, despite hitting N419.75 to a dollar during the intra-trading day.

Having traded within a band of 380 and 381 to the dollar since July last year, the naira hit a record low of 419.75 against the dollar on Friday.

The different trading rates have attracted warnings from the World Bank, who have asked that the rates be unified in order to attract investment.

The Governor of the apex bank, Godwin Emefiele, had in February confirmed that the naira has depreciated at the official market to N410 against the dollar as the government tries to boost earnings from crude sales, its main export.

On Friday, The CBN removed the exchange rate of N379/$1 from its website homepage. The exchange rate displayed on the website was usually the reference point for the official exchange rate of the country. The last data entry for the exchange rates show May 10.