Nigeria Said to Let Market Set Naira Rate on Exchange Window

25 Apr 2017   Nigeria

Central bank Governor Emefiele said to tolerate naira dropping Naira forward contracts jump to highest levels since March Nigeria’s central bank will let the market determine the naira’s rate in a new foreign-exchange window for portfolio investors as the nation struggles to revive its economy amid a dollar shortage. Naira forward contracts and banking stocks rose. Governor Godwin Emefiele told senior bankers that he would tolerate the naira weakening in the window, which started today, according to a person who attended meetings with the policy maker over the past two weeks. While that may cause the currency to depreciate to its black-market level, the central bank probably won’t devalue the interbank exchange rate, the person said, declining to be identified because he wasn’t authorized to speak publicly. Isaac Okorafor, a spokesman for the central bank, didn’t answer calls to his mobile or immediately respond to a text message. Nigeria […]

Comments are closed.