CBN says no change in Nigeria's exchange rate policy

Godwin Emefiele
  • CBN says no change in multiple exchange rates for naira.
  • Nigeria to continue with multiple FX rates - a policy, investors shun.
  • Nigeria naira closes flat against dollar across FX markets. 

The Central Bank of Nigeria (CBN) on Wednesday said there is no change in the country's exchange rate structure. 

The CBN stated this in reaction to several new reports (not Business Insider SSA) quoting that the Nigeria naira rate will be “market-determined’’. 

Some reports also show the apex bank website displaying the message.

Godwin Emefiele, CBN governor, had at different fora expressed the monetary authority's commitment to sustain the high level of stability in the forex market by continuous interventions.

He had explained that the apex bank's commitment is to inject funds into the market, whenever and wherever necessary, in order to maintain market stability as well as sustain the financial system.

Recently, the CBN governor defended the multiple FX policy, saying it is backed by the CBN Act and favours the poor but investors keep clamouring for a market-driven forex market.

Meanwhile, the naira closed flat at N360 to the dollar at the parallel market in Lagos, the commercial city, on Wednesday. At the I&E – Investors’ & Exporters’ FX Window, it appreciated by 0.06% to N360.16 per dollar and N307 to the dollar at the official market price.

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