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| Mr. Emefiele |
CBN has been under immense pressure to devalue the Naira for a while, which has been resisted by both the monetary and fiscal authorities, claiming that past devaluations did not benefit the economy- which is import dependent.
Mr. Emefiele said, “The Central Bank of Nigeria has always maintained that it would continue to monitor situations on the ground and ensure that the Bank’s policies reflect these facts and developments rather than the sentiments of any groups or sectors. “It is in light of this principle that we now believe that the time is right to restore the automatic adjustment mechanism of the exchange rate with the re-introduction of a flexible inter-bank exchange rate market.
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