Saturday, 25 July 2015

Again, Emefiele Forecloses Devaluation of Naira

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Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele on Friday foreclosed speculations that the apex bank may further resolve to devalue the naira in order to stabilise its value at the foreign exchange market.

He said the CBN could not continue to take indeterminate policy decisions as there was currently no need to change the current exchange positions.

He stressed that the naira was presently appropriately priced.

The CBN also yesterday resolved to leave both the monetary policy rate (MPR) otherwise known as interest rate and banks' cash reserve ratio (CRR) unchanged at 13 percent with a corridor of +/- 200 basis points around the midpoint and 31 percent respectively.
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