Connect with us

Hi, what are you looking for?

News

CBN Governor Emefiele Claims Exchange Rate of The Naira at N380 is an Adjustment Not Devaluation –

The Governor of Central Bank of Nigeria, Godwin Emefiele has made a clarification on the decision to peg the exchange rate of the Naira at N380 to a dollar.

Emefiele stated that the recent jump in foreign exchange rate was currency adjustment and not devaluation of Naira.

Speaking at an extraordinary bankers committee meeting comprising banks’ chief executive officers and CBN directors in Lagos, the CBN Governor said;

The Central Bank of Nigeria has the responsibility to see to the adjustment in the currency; what you have seen is an adjustment in currency and we have been accused that we have a hand, we don’t have a hand, Emefiele said.

We allow the I&E window, which is the dominant market to dictate the exchange rate in the market.

At this time the CBN provides FX in that market at 380, anyone who has higher than the 380 can go ahead, but it should be available in the market to fund the domestic market.

Advertisement. Scroll to continue reading.

The new rate is only an adjustment. In economics and foreign exchange management language, it is not a devaluation.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

News

President Muhammadu Buhari on Monday, October 25, unveiled the Central Bank Digital Currency(CBDC), known as eNaira. Buhari launched the country’s digital currency at the...

News

The Central Bank of Nigeria (CBN) has banned the sale of foreign exchange (FX) to Bureau De Change (BDCs) operators in the country. The...

News

Dollar scarcity has persisted as it exchanged for N445 in the parallel market leaving investors in a state of fear. The dollar exchanged for...

Sport News

The Nigerian Football Federation has revealed more details about Super Eagles head coach, Gernot Rohr’s new proposed contract where he is supposed to start...

Advertisement

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.