The governors raised their concerns during the National Economic Council (NEC) meeting held Thursday at the Presidential Villa in Abuja as the council met for the first time in 2017 to discuss measures to take the country out of recession.
The meeting was presided over by Acting President Yemi Osinbajo.
NEC is composed of all the 36 state governors, the minister of the Federal Capital Territory and the governor of the Central Bank of Nigeria.
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The council therefore called on the CBN Governor, Godwin Emefiele, for an urgent review of the exchange rate.
Interbank rate stood at about N305.50 to the dollar on Thursday, against the parallel rate of N510 to the dollar.
The apex bank last year introduced the flexible foreign exchange policy, which was expected to increase supply of the dollar and boost the Nigerian economy, but however the plan has not lived up to expectations.
The rates has since then been on the increase and widening, with the economy plunging into recession combined with high inflation.
Prior to the introduction the flexible foreign exchange policy in June 2016, the exchange rate for Naira stood within a band of N197 and N199 to the dollar.
The CBN Governor, Godwin Emefiele, who was present at the meeting, called for calm and understanding, saying that the situation was being closely managed.
Meanwhile, the Minister of Budget and National Planning, Udo Udoma, assured the Council members that Federal Government has a recovery plan that will take Nigeria out of the recession.
According to him, talks have been held between stakeholders and states and the plan will address issues on agriculture and food security, energy sufficiency-power and petroleum availability, improving transportation infrastructure, industrialization, SMEs, and manufacturing, stabilization of the macro-economic environment.
Also, Finance Minister, Mrs. Kemi Adeosun disclosed that the balance in Excess Crude Account (ECA) stood at USD 2,458,382,844.03 as at February 15, 2017, while the council agreed to inject fresh $250 million into the Sovereign Wealth Fund sourced from the ECA.