CBN Will Not Devalue The Naira – Sarah Alade

Sarah Alade

The Acting Governor of the Central Bank of Nigeria, CBN, Mrs. Sarah Alade, yesterday, assured that the bank has no immediate plans to devalue the Naira but prefers to intervene in the Foreign Exchange, forex, market until stability is achieved in the value of the Naira.

She told journalists at her maiden press briefing in Abuja that the bank had enough resources to defend the local currency and would use necessary tools to achieve monetary and price stability in the country.

“I wish to assure you that the bank has the capacity to meet the demands of all forex users. Let me use this opportunity to assure all our stakeholders that the bank has no immediate plans to devalue the currency.

Financial markets on Thursday reacted negatively to the news of the suspension of controversial former CBN Governor, Mallam Sanusi Lamido Sanusi, with the Naira falling from N162 ==$1 to as low as N170 ==$1 at the interbank market. It later bounced back to about N163.5 ==$1, following CBN’s intervention.

Mrs. Aalde described the development as an expected reaction but that her team would work assiduously to stabilize all segments of the forex market .