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No suggestion CBN will devalue Naira

31 December 2015, 15:34Okoro Chinedu

Lagos - A local financial markets think-tank has projected the Central Bank of Nigeria to remain firm against devaluation in the coming year.

The sentiment by First Bank of Nigeria’s (FBN's) capital markets entity follows insistence by the CBN governor, Godwin Emefiele, during a recent annual dinner of the Chartered Institute of Bankers of Nigeria in Lagos that it had achieved stability in the exchange rate since February.

He conceded some stakeholders were against the policies.

This group of the discontented includes the offshore portfolio community and manufacturers running low on imported inputs.

Also Read: Ban on ATM card abroad can't be reversed - CBN

“That said, we do not expect a change of tack from the authorities and we repeat our view that devaluation would be a last resort,” FBN said in its  last marets update for the year.

The financial house said the pressure in the market has eased a little for the moment with the end of the pre-Christmas import surge and the encashment of foreign currency by the returning Diaspora on holiday.

Since November all sales of foreign currency by bureaux de change have required a biometric verification number (BVN).

“This has constrained foreign currency demand, and they all now have to place a cautionary N35 million deposit with the CBN,” FBN highlighted.

At current rate, the Naira is trading at US$ 0,005.

- CAJ News

Tags cbn naira

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