Business CBN Has Refused to Devalue the Naira- BDC President Gwadabe



The Central Bank of Nigeria, CBN, has told Bureau de Change operators that it has no desire to devalue the naira.

President of Bureau de Change operators, Aminu Gwadabe, after a meeting said CBN governor Godwin Emefiele told the group in a meeting it was looking at ways to boost dollar liquidity on the official market to eliminate the spread to the parallel market.

"With the recovery of oil prices, CBN (Central Bank of Nigeria) has no intention of devaluing the currency and intends to support the naira at the present level," Gwadabe said, quoting the central bank governor.

BDC operators on Tuesday set their first ever reference exchange rate for the naira at 399 per dollar ahead of the central bank meeting.

Currently the naira exchanges for N495 per dollar at the parallel market. It is N305 per dollar the CBN's interbank market.


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