No plan to devalue Naira – CBN
Despite a slump in the global economy as a result of the negative impact of the coronavirus pandemic, the on Thursday insisted the time was not ripe for the call for the devaluation of the Naira.
But, the resistance by their allies, led by Russia, torpedoed the effort and exposed the market to the worst price decline since 2016. “The Central Bank of Nigeria wishes to note with displeasure, the rumours and speculative activities of unscrupulous players in the foreign exchange market, borne out of the impression that the CBN is on the verge of devaluing the Naira, and triggering panic in the FX Market,” the apex bank said in a statement by its spokesperson, Isaac Okorafor
For nearly four years, Mr Okorafor said the CBN has maintained relative stability in all segments of the foreign exchange market. He said the outbreak of the coronavirus led to global economic slowdown, fall in the price of crude oil, and less inflow of dollars into Nigeria, with the associated public health concerns leading to factory closures in China.
Mr Okorafor assured that the CBN was also working with the fiscal authorities to properly and accurately mention the immediate and expected impacts of the coronavirus in order to respond comprehensively.
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