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“Naira appropriately Priced” – CBN Insists

 

The Central Bank of Nigeria, CBN, has stressed that the naira is appropriately priced and there are no plans to make any adjustments to the currency.

The apex bank Governor, Godwin Emefiele, who spoke at a conference in London, on Monday, October 5, said that restrictions put in place in June to conserve foreign exchange reserves and support the naira were working.

Nigeria has restricted imports to offset a fall in vital oil revenues, which has battered public finances and the naira.

The CBN on Monday weakened its official exchange rate peg on the interbank market to N197 per dollar from N196.95 it set last week.

It was the seventh adjustment since the regulator introduced tight currency controls in February. It did not provide any reason for the adjustment, which traders said was made through a message.

The naira traded weaker in the parallel market to N223.

Emefiele said Nigeria should focus on diversifying its economy and needed to manage what little hard currency reserves it had.

 

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Comments (3)

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