James Emejo in Abuja
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has again ruled out the possibility of a naira devaluation, amidst the dwindling level of the country’s foreign reserves.
He said the Bank would rather continue to sustain existing foreign exchange management and stability currently evident in the market.
He said there was no need for any adjustments in the foreign exchange, insisting that the CBN is currently able to meet all obligations.
Speaking during the just concluded two-day meeting of the Monetary Policy Committee (MPC) over the weekend, he argued that despite recent fluctuations in crude oil prices, the country’s reserves level remained, “high and strong enough to be able to meet obligations in the economy,” adding that there’s no need for anybody to contemplate adjustments in foreign exchange.
According to the CBN boss, “It is important for us to note that reserves is there to…
Source: Thisday Newspaper
