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LequteMan
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The Central Bank of Nigeria, CBN, has been making consultations about how to effectively manage the country's weakening currency.
This is after the apex bank removed the peg on the currency's exchange rate to the dollar at the official market several days ago. There have been confusions about the way forward since the announcement.
According to a report from Business Recorder, the Financial Market Dealers Association (FMDA) met with officials of the CBN on Wednesday.
After the discussion, a senior bank official, who was present at the meeting reportedly said things will remain confused for weeks.
"We are unlikely to get anything in the next two to three weeks. I don't think the guidelines are ready," the banker said.
"The reality is that he (the governor) does not understand the meaning of signals," said one senior banker, speaking on condition of anonymity. "By not coming out (with details) the governor has shown he doesn't believe the policy.
"There is the risk the policy could be reversed," the senior banker added.
The central bank declined to comment on the meeting.
The naira on Thursday steadied against the dollar, exchanging at N348 to the greenback.
This is after the apex bank removed the peg on the currency's exchange rate to the dollar at the official market several days ago. There have been confusions about the way forward since the announcement.
According to a report from Business Recorder, the Financial Market Dealers Association (FMDA) met with officials of the CBN on Wednesday.
After the discussion, a senior bank official, who was present at the meeting reportedly said things will remain confused for weeks.
"We are unlikely to get anything in the next two to three weeks. I don't think the guidelines are ready," the banker said.
"The reality is that he (the governor) does not understand the meaning of signals," said one senior banker, speaking on condition of anonymity. "By not coming out (with details) the governor has shown he doesn't believe the policy.
"There is the risk the policy could be reversed," the senior banker added.
The central bank declined to comment on the meeting.
The naira on Thursday steadied against the dollar, exchanging at N348 to the greenback.
