CBN rules out naira devaluation despite continued depreciation against dollar

Naira in shocking fall in Forex market

Central Bank of Nigeria (CBN) has told Bureau de Change operators it does not intend to devalue the naira.

President of Bureau de Change operators, Aminu Gwadabe, said the CBN governor Godwin Emefiele told the group in a meeting that the apex bank will support the naira at current levels, especially with a recent rise in oil prices.

Emefiele, according to Gwaddabe said the CBN was looking at ways to boost dollar liquidity on the official market to eliminate the spread to the parallel market.

On Tuesday the operators set their first ever reference exchange rate for the naira at 399 per dollar ahead of the Central Bank meeting.

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