The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, while comparing the performance of the naira against other countries such as Ghana and South Africa has said that the currency has failed to reach equilibrium.
Naira is out of balance
The CBN’s Monetary Policy Committee began a meeting yesterday regarding how to find a solution to the disadvantage the currency is facing in the foreign exchange market
Nigeria Naira Notes
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![Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]")
Bloomberg quoted him as saying, “The concerns are that the currency is under pressure, that the currency is misaligned”.
“Ghana and South Africa have already moved closer to equilibrium. Nigeria has not really accepted that the currency price is in disequilibrium.”
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The option of devaluing the naira is available to the country, but the question remains concerning if it will explore that route.
The CBN’s Monetary Policy Committee began a meeting yesterday regarding how to find a solution to the disadvantage the currency is facing in the foreign exchange market in the midst of fall in oil price.
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