Naira: CBN to fine-tune exchange rate

ABUJA — The Central Bank of Nigeria (CBN), yesterday, said it would soon fine tune the exchange rate of the Naira, even as the nation’s currency depreciated further to N305 against the dollar in the parallel market. Addressing journalists at the end of the Monetary Policy Committee (MPC) meeting, yesterday, CBN Governor, Mr. Godwin Emefiele, said the CBN would soon come out with efforts to fine tune the exchange rate framework. This, he said, was to ensure “a more effective and liquid foreign exchange market, taking into account Nigeria’s strategic development priorities, with the policies being designed within an environment of regularly ensuring consistency with monetary and fiscal policies.” The CBN governor gave no indication that he was ready to ease currency-trading and import restrictions that had kept the inter-bank exchange rate at 197-199 per dollar since March, even though they had been widely panned by investors, criticised by businesses and questioned by lawmakers.