CBN Justifies Naira Depreciation

 

From Nik Ogbulie’s MONEY REPORT in Bali Indonesia

 

 

The Governor of the Central of Nigeria, Godwin Emefiele, has said that the Nigerian currency may have gone through some serious levels of depreciation but has remained one of the least devalued currencies in the world.

The governor who spoke to Nigerian financial journalist as the 2018 World Bank/IMF meetings come to an end on Sunday struggled to justify the depreciation which is believed to have the capacity to ravage the economy based on the failed efforts to push it beyond it debilitating levels.

Unfortunately, his analogy couldn’t win the fancy of Nigerian participants because only the very poor countries in the world have strongly battered currencies.

There are strong indications that the apex bank may not have any new approach that can save the naira even as the World Bank has urged Nigeria to drastically improve her currency value or face the serious consequence of a failed economy.

It could be understood from the background of the meetings that the forex management policies of the apex bank goes a long way in dampening the economy

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