The Central Bank of Nigeria, CBN, on Friday, July 24, shut down any more naira devaluation in the short term.
The apex bank stressed that the nation’s currency is appropriately priced at N197 to one United States dollar.
The CBN Governor, Godwin Emefiele, who briefed the media on the key decisions taken at the July Monetary Policy Committee (MPC) meeting in Abuja, said the bank would continue to monitor and review what happens in the financial market to take appropriate decisions on exchange rate.
According to Emefiele, the exchange rate was appropriate for the local currency.
He said: “CBN continues to maintain its tight monetary policy stance but we will continue to review whatever happens in the market to make decisions.”
However, the key highlights of the meeting were the decisions to retain the Monetary Policy Rate at 13 per cent, the private sector Cash Reserve Ratio and Public Sector Cash Reserve Ratio at 31 per cent respectively, plus and minus 200 basis points across the corridors.