CBN Governor, Godwin Emefiele rejects call for further devaluation of Naira

The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele on Friday in Abuja rejected the call by his predecessor and Emir of Kano, Sanusi Lamido for further devaluation of the Naira.

Speaking with State House correspondents, Emefiele said that‎ naira was devalued from N155 to N197 in February this year.

He said: ‎"There has been a lot of talk on whether or not we want to depreciate our currency again. The truth is that we had adjusted the currency by depreciating it from N155 to N197 in February this year.

"There is no intention to depreciate or adjust the currency any longer.

"The president has been very clear on this. The Vice President has been very clear on this and let me further reiterate our position at the Central Bank of Nigeria that we are not considering any further depreciation of the currency."

He explained that the CBN was trying to concentrate on how to improve and deepen the foreign exchange market by improving supply of foreign exchange into the market.


Credit: ThisDay