Journalism of Courage

Nigeria’s exchange rate remains stable -CBN

The Central Bank of Nigeria has denied allegations of changes in Nigeria’s exchange rate.

” There has been NO change in Nigeria’s exchange rate structure. The CBN has not floated the naira, said Isaac Okorafor, Director Corporate Commmunications on Wednesday.

” The exchange rate remains stable. Speculations and reports to the contrary are false.

A free float of the naira would cause capital flight and a “massive devaluation,” according to central bank Governor Godwin Emefiele in January while responding to calls by Atiku Abubakar to free float the naira.

“On the issue of free float, the monetary policy committee has said it is wrong – it will certainly lead to capital flight,” Emefiele said.

“It will lead to massive, massive depreciation of the valuation of our currency, and ultimately to currency crisis in Nigeria,” he added.

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