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LequteMan
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Nigeria- According to Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, the Naira is at an appropriate level despite the currency recording a six year yesterday. a Wall Street Journal report says.
Emefiele also said Nigeria's foreign exchange reserves are still relatively comfortable and that oil prices will soon bounce back up to its normal level.
Excerpt:
The country’s currency is at an appropriate level, the central bank governor said on Wednesday, the same day it sank to a new low amid doubts over the stability of Africa's top oil exporter.
Governor Godwin Emefiele said he has no intention to roll out capital controls to stabilize the naira, which plunged to a fresh low beyond 200 to the U.S. dollar on Wednesday. The currency of Africa’s top oil producer has shed more than a fifth of its value against the dollar since June, when global crude prices halved to their current level below $60 a barrel.
The country has mainly dipped into its reserves to slow the currency's fall. Those reserves have fallen by more than a fifth in the past six months to $33.5 billion, a level that he said is “still relatively comfortable."
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#Nigeria #Naira #CBN
Emefiele also said Nigeria's foreign exchange reserves are still relatively comfortable and that oil prices will soon bounce back up to its normal level.
Excerpt:
The country’s currency is at an appropriate level, the central bank governor said on Wednesday, the same day it sank to a new low amid doubts over the stability of Africa's top oil exporter.
Governor Godwin Emefiele said he has no intention to roll out capital controls to stabilize the naira, which plunged to a fresh low beyond 200 to the U.S. dollar on Wednesday. The currency of Africa’s top oil producer has shed more than a fifth of its value against the dollar since June, when global crude prices halved to their current level below $60 a barrel.
The country has mainly dipped into its reserves to slow the currency's fall. Those reserves have fallen by more than a fifth in the past six months to $33.5 billion, a level that he said is “still relatively comfortable."
click here to read more
#Nigeria #Naira #CBN
