The Central Bank of Nigeria (CBN) yesterday refuted reports that it had floated the naira, Nigeria’s currency. The Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, stated this in a text message to THISDAY, in reaction to a Bloomberg report that the bank had signaled it would float the naira and allow it to weaken past its official rate as it gradually unwinds its regime of multiple exchange rates. But the CBN spokesman who described the report as false, said the naira exchange rate remained stable. Okoroafor reaffirmed the bank’s commitment towards ensuring stability in foreign exchange market. “There has been no change in Nigeria’s exchange rate structure.
The CBN has not floated the naira. The exchange rate remains stable. Speculations and reports to the contrary are false,” Okoroafor said in response to the Bloomberg report. CBN Governor, Mr. Godwin Emefiele, at a forum with private sector operators in Lagos last weekend, restated the bank’s commitment to continue to defend the naira, saying that the CBN Act demands that the bank “defends” the naira using the foreign exchange reserves.
(This Day)
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