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LequteMan
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Nigeria's Minister of State for Petroleum Resources, Ibe Kachikwu, has lauded the Central Bank of Nigeria, CBN, for allowing the Naira to float at the foreign exchange market.
In an interview with CCTV, Kachikwu agreed that Nigeria's currency swap deal with China will help stable the naira.
"I think the less pressure you put on the search for dollar, the more stability of the naira," he said.
According to him, the naira's 30% fall in value against the dollar weeks ago are initial reactions when lids on currency controls are pulled.
"It's beginning to stabilize, we expect it to go stronger," he said, adding that there wasn't much options for the CBN to take.
"You cannot get enough investments when people see that there are two exchange policies that are working, one seemingly favorable to certain investors and the other disfavorable to certain investors."
"Taking off the lid and letting the currency to float was the right decision to take," he added.
In an interview with CCTV, Kachikwu agreed that Nigeria's currency swap deal with China will help stable the naira.
"I think the less pressure you put on the search for dollar, the more stability of the naira," he said.
According to him, the naira's 30% fall in value against the dollar weeks ago are initial reactions when lids on currency controls are pulled.
"It's beginning to stabilize, we expect it to go stronger," he said, adding that there wasn't much options for the CBN to take.
"You cannot get enough investments when people see that there are two exchange policies that are working, one seemingly favorable to certain investors and the other disfavorable to certain investors."
"Taking off the lid and letting the currency to float was the right decision to take," he added.
