CBN Act demands we defend Naira, says Emefiele (Nation)

The Central Bank of Nigeria (CBN) vowed on Saturday to sustain its policy of defending the naira against world currencies for the next five years.

It said the policy is backed by the CBN Act.

Speaking at a Consultative Roundtable with the CBN Governor tagged: ‘Going for Growth’ held in Lagos, Governor of the apex bank, Mr. Godwin Emefiele, said the CBN would be disobeying the law by allowing the naira to float freely.

A flexible exchange rate, according to him, would not favour the poor.

“I am committed to protecting the naira. We cannot allow the naira to float freely,” he said. Read more