Central Bank Confident it Can Defend Naira After Intervention

The Central Bank of Nigeria (CBN) intervened to stabilise the naira on yesterday, deputy governor Sarah Alade told Reuters, after the currency fell to an all-time intraday low of N167 to the dollar.
She added that, with $42 billion of reserves, she was confident the bank would be able to maintain the currency within its managed band of three percent either side of N155 to the dollar.
She said the central bank had no plans to hold an emergency meeting on the naira’s fall, for which she blamed currency speculators.

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