CBN erases exchange rate on website as Naira falls

The Naira fell against the U.S. Dollar on Friday as the Central Bank of Nigeria erased from its website the exchange rate that for about a year was seen as the government’s official rate.

The move by the CBN raised concerns about the devaluation of the currency that has long struggled amidst declining government revenue and foreign exchange.

The CBN denied in March it had devalued the naira after the Minister of Finance, Zainab Ahmed, said the government had adopted the Nafex rate used by investors and exporters.

The Nafex rate has oscillated between 408 and 412 for months, a significant fall from the 379 the CBN listed as the exchange rate on its website.

At the time, CBN governor Godwin Emefiele implied that the apex bank still maintained the “official rate” of N379, while the Nafex rate of N410 was adopted for certain government businesses.

He said the CBN was operating a “managed float” policy, which allows it to watch market dynamics and intervene in the market whenever necessary.

It became clear Friday that the 379 rate had been removed from the CBN website.

The CBN spokesperson, Osita Nwanisobi, did not return calls or respond to a text message seeking clarification on Saturday.

-PremiumTimes