Saturday 14 May 2016

FG Has Not Devalued the Naira - CBN

The Central Bank of Nigeria on Friday night said that the Naira had yet to be devalued contrary to speculations in some quarters. 

Following viral reports on social media yesterday, that the federal government has devalued the Naira, the Central Bank of Nigeria has said that there is no truth to the speculations.

The CBN Acting DiCommunications Department, Mr. Isaac Okoroafor, told Punch correspondent in a telephone interview that the bank had not taken any such decision.

“We have been hearing rumours making the rounds that the Naira had been devalued. I want to tell you now that it is not true. The Naira has not been devalued,” he said and declined to speak further.

There were reports on Friday that President Muhammadu Buhari had  bowed to pressure from the International Monetary Fund to devalue the Naira from the current official rate of N197 to N290 to a dollar.

The IMF had last month while releasing its country report for Nigeria stated that the country’s foreign exchange policy is having negative impact on many businesses.

It insisted in the report that the Naira is currently overvalued noting that if something urgent is not done, it could result in further delays in the much needed foreign direct investments.

In the 88 page report, the agency said a combination of wide fiscal deficits and accommodative monetary policy could further widen the current account deficit.

This, it stated, was capable of putting more pressure on the country’s exchange rate and external reserves.

It had said the outcome of the findings from the report had been communicated to the relevant authorities in Nigeria.

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