Business Nigeria: CBN Burns $110m Daily to Save The Naira

[LequteMan]

Nigeria's central bank chief said on Thursday there was "no need to panic" about a slide in the currency, after figures showed the bank had been burning through more than $110 million a day in a vain attempt to defend it.

The naira has crashed through the key level of 200 to the dollar this week in a rout sparked by weak oil prices and escalating tension over the postponement of a presidential election in Africa's biggest economy.

However, Central Bank of Nigeria (CBN) Governor Godwin Emefiele said it was "appropriately priced" despite a nearly 25 percent slump against the dollar in the last three months, and investors should stay calm.

"We are not in the best of times but there's no need to panic," he told CNBC Africa in an interview. He ruled out an emergency Monetary Policy Committee meeting, and said floating the currency was not an option.

click here to read more

source: Reuters

#Nigeria #CBN #Emefiele

 

[Le Patriot]

That's a huge amount of money to be wasted daily.

We've talked about diversification for ages now but that's where it ends. Just talk.

We need some action in this country.

FG should encourage SMEs in Nigeria in a much better way. That's what will work.