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No change in Nigeria’s exchange rate policy – CBN

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The Central Bank of Nigeria (CBN) on Wednesday said there is no change in the country’s exchange rate structure.

The Director, Corporate Communication of the apex bank, Isaac Okoroafor on Wednesday made the clarification in reaction to several reports that the Nigerian naira rate will be “market-determined’’.

“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 a statement sent exclusively to TNG on Wednesday.

Recall that the CBN governor, Godwin Emefiele had at different fora expressed the monetary authority’s commitment to sustain the high level of stability in the forex market by continuous interventions.

He had explained that the apex bank’s commitment is to inject funds into the market, whenever and wherever necessary, in order to maintain market stability as well as sustain the financial system.

Recently, the CBN governor defended the multiple FX policy, saying it is backed by the CBN Act and favours the poor but investors keep clamouring for a market-driven forex market.

 

 

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