CBN Completely Rules Out Further Naira Devaluation

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.


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