CBN, Central Bank Of Nigeria spokesman, Isaac Okorofor on Friday informed newsmen that CBN was not officially devaluing the Naira despite pressure by the International Monetary Fund ( IMF).
Okorofor added that the bank was on the verge of realising some desired results in the Forex market and the policy has seen the rise of the naira over its dollar-rate exchange. He made mention countries like Egypt that adopted the policy which helped them rise their currency over exchange rate. He was optimistic that the same would be for Nigeria.
He also stated that CBN would not fail to sanction erring banks that fail to comply to the policy.
“There are facts proving that floating of currencies by the developing countries as had been done by some have not in anyway led them out of the woods. If the experience of Egypt, which recently adopted the policy, is anything to go by, such policy presents poor results. For Egypt, with its level of infrastructure and foreign exchange receipt of $12 billion could face such issues that are unanticipated, then CBN is right in sticking to its decisions not to float the naira”.