Nigeria's leading finance and market intelligence news report.

Emefiele declares FX at N380, adjustment not devaluation

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), on Saturday said the  change of the naira exchange rate to N380 per dollar at the Investors and Exporters (I&E) forex window was not a devaluation, but an adjustment.

He said this at an extra-ordinary bankers committee meeting comprising banks’ CEOs and CBN’s directors held in Lagos on Saturday.

* indicates required

“CBN has a responsibility to see to adjustment in currency. What you have seen is an adjustment in currency. We have also been accused that we have a hand. We don’t have a hand,” Emefiele said.

The CBN on Saturday devalued the Naira, as the official exchange rate is now at N360 per dollar.

The official rate which stood at N307 per dollar as at Friday is now pegged at N360 according to data from the CBN website.

Comments are closed.