The naira on Wednesday dramatically recovered to exchange for 405 per dollar.
This is coming in less than 24 hours after the Central Bank of Nigeria, CBN, monetary policy committee, MPC, meeting.
The naira is currently selling between 405 to 410 per dollar in Abuja, Nigeria’s capital, while in Lagos, the country’s commercial capital, traders are selling at 415 per dollar, and buying at 410.
Recall that on Tuesday, the CBN MPC voted to keep the existing monetary policy. The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele warned speculator that the bank had all it takes to sustain its prevailing interventions.
He said those who think the policy actions were not sustainable, are on the wrong side of the bet.
He said, “I am happy, indeed very gratified that those interventions have proved very positive. We’ve seen the rates converging and we are strongly optimistic that the rates will converge further.
“The fact that we have done this consistently for almost four to five weeks should tell everybody or those who doubt the strength of central bank to sustain this policy that they are taking a risk and they will lose in this bid to want to place a wrong bet on the direction that we are going.
“The direction is that there is a determination to see to the convergence of those rates and with what we have seen so far, we are very optimistic that those rates will converge.
“It is a program and I am happy to say that the program is looking good, in fact beyond our expectation and those who remain on the sideline doubting the level of CBN’s ability to sustain this policy are on the wrong side of the bet.”
Comments