Central Bank Says Will Stabilise Naira, After It Crosses 200

Okoroafor said the naira was under speculative attack, as there had been no fundamental change to Nigeria’s economy to warrant the pressure on the currency. 

Nigeria’s central bank is committed to sustaining a “stable and orderly” market, after a delay to a presidential election pushed the naira beyond 200 to the U.S. dollar for the first time, an adviser to the governor told Reuters on Tuesday.

The forex market was understandably nervous after the six-week delay to elections originally scheduled for Feb. 14, but it was nothing to worry about, Ugochukwu Okoroafor said.

Okoroafor said the naira was under speculative attack, as there had been no fundamental change to Nigeria’s economy to warrant the pressure on the currency.

 (REUTERS)

Source: Sunnewsonline.com