The continuous depreciation of the naira against the dollar has left many agitated as it is affecting them in so many ways. However, the governor of the Central Bank of Nigeria, Godwin Emefiele, has reassured economy stakeholders that there is no need for panic.
The apex bank boss also reassured investors that the CBN will continue to meet legitimate foreign exchange demand.
Emefiele, who said this at the Nigerian Stock Exchange (NSE) on Thursday, February 12, where he also rang the closing bell, insisted that the naira was “appropriately priced” amid the ongoing trend.
Although, the naira defied the CBN governor’s statement, as it slid further to close at N206/$1 on Thursday, February 12 in the interbank market, as against N205.90/$1 from the Wednesday, February 11, Emefiele admitted that globally, economies including Nigeria were contending with the same challenge of oil price plunge.
He said: “The price of crude oil dropped from $115 per barrel to below $50 per barrel which has affected activities on the Nigerian capital market.”
The CBN Boss also explained that this had led to the All-Share Index’s drop by 28 basis points, adding that the country’s gross domestic product (GDP) might also drop.