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LequteMan
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Nigeria's President Muhammadu Buhari is in support of CBN's "technical" devaluation of the Naira, a Bloomberg report claims.
The CBN governor, Godwin Emefiele, had sowed seeds of confusion into the public domain when he announced that the apex bank had removed the peg on the naira-dollar official exchange rate (N199/$). According to him, more details will be released later on. It's been over 8 days since the announcement was made.
Buhari's Senior Special Assistant on Media and Publicity, Garba Shehu, was quoted by Bloomberg as saying: “The president is opposed to devaluing the naira, he has said so repeatedly…but he has given them (CBN) the leeway to introduce what he has called ‘flexibility in managing the currency’s value.”
The President had said in his Democracy Day speech on Sunday that he supported a stable currency, though he would keep “a close look at how recent measures affect the naira and the economy.”
The CBN governor, Godwin Emefiele, had sowed seeds of confusion into the public domain when he announced that the apex bank had removed the peg on the naira-dollar official exchange rate (N199/$). According to him, more details will be released later on. It's been over 8 days since the announcement was made.
Buhari's Senior Special Assistant on Media and Publicity, Garba Shehu, was quoted by Bloomberg as saying: “The president is opposed to devaluing the naira, he has said so repeatedly…but he has given them (CBN) the leeway to introduce what he has called ‘flexibility in managing the currency’s value.”
The President had said in his Democracy Day speech on Sunday that he supported a stable currency, though he would keep “a close look at how recent measures affect the naira and the economy.”
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