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LequteMan
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Nigeria- Dr. Joseph Nnana, the newly appointed Deputy Governor of Central Bank of Nigeria, on Wednesday said the apex bank had not devalued the Naira but had merely announced the exchange rate in compliance with market forces. PUNCH reports:
“The Central Bank did not devalue the naira so to speak, it only followed the three principal markets in Nigeria -the official, the retail and the parallel.”
He explained that the CBN would not pursue the policy permanently, adding that it would elapse with the ongoing transformation programme in the agricultural sector, which would make it possible for products to be exported to earn more foreign exchange.
He said, “We better do it now than later when we will have import control which would bring about essential commodity crisis. Nigerians are always in a hurry. Let us give the central bank time to pursue a policy that will be a blessing to all of us. I commend the CBN for being proactive with the policy.”
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#Nigeria #Naira #Punch #CBN
“The Central Bank did not devalue the naira so to speak, it only followed the three principal markets in Nigeria -the official, the retail and the parallel.”
He explained that the CBN would not pursue the policy permanently, adding that it would elapse with the ongoing transformation programme in the agricultural sector, which would make it possible for products to be exported to earn more foreign exchange.
He said, “We better do it now than later when we will have import control which would bring about essential commodity crisis. Nigerians are always in a hurry. Let us give the central bank time to pursue a policy that will be a blessing to all of us. I commend the CBN for being proactive with the policy.”
click here to read more
#Nigeria #Naira #Punch #CBN