Nigeria's central bank says no need for the devaluation of Naira as there are adequate foreign reserves

Central Bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016.
  • The Central Bank of Nigeria (CBN) dismisses insinuations over the devaluation of the naira.
  • The apex bank says it will continue to meet all genuine demand for foreign exchange for legitimate transactions.
  • Nigeria's foreign reserves currently stands at $36.2 billion. 

The Central Bank of Nigeria (CBN) has dismissed insinuations over the devaluation of the naira, which has triggered panic in the FX Market, bringing the local currency down to N400 per dollar.

Panic gripped the forex market on Thursday, throwing the Nigerian naira to N400/dollar on the streets.

The CBN alleged that the displeasure, the rumours, and speculative activities are from unscrupulous players in the foreign exchange market.

These rumours are false, unwarranted and calculated to serve their dubious and selfish ends,” the apex bank said in a statement issued on Thursday.

Admitting that the outbreak of the Coronavirus has led to the global economic slowdown, fall in the price of crude oil, and less inflow of dollars into Nigeria, it stated that the size of Nigeria's foreign exchange reserves remains robust and comfortable, given the current realities of Nigeria's genuine and legitimate FX demand.

As such, the CBN remains able and willing to meet all genuine demand for foreign exchange for legitimate transactions.”

CBN added that in light of current circumstances and macroeconomic fundamentals, it has not devalued the Naira.

On year-to-date basis, the Nigeria's foreign reserves dropped tp $36 billion from $38 billion.

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