Governor of the Central Bank of Nigeria, Godwin Emefiele, on Monday, said that the apex bank is not interfering in the recently introduced foreign exchange regime, with claims that the prices are determined by market forces.
The CBN governor stated this while speaking at a press conference in Lagos. He noted that it was necessary to correct the impression in some quarters that the CBN is interfering with the exchange rate regime.
Emefiele said, “CBN has not been involved in interfering in the exchange rate regime. It is a flexible exchange rate regime and prices are determined based on market forces of demand and supply.”
“It is important to correct that impression; it is not true that CBN is interfering in the flexible exchange rate regime.”
The governor pointed out the CBN was a player in the market but it also wants other players in the market hence why it won’t interfere.
“We want a situation that over time CBN will stay back and more autonomous sources of generating foreign exchange will come to the market so that we will conserve our reserve.”
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