The Central Bank of Nigeria (CBN) on Saturday declared N5.5 trillion as a total package to stimulate the economy against the impact of coronavirus, which is spreading very rapidly.
Godwin Emefiele, governor of the CBN on Saturday said the exchange rate of N380 per dollar at the Investors and Exporters (I&E) forex window was not a devaluation but an adjustment.
He said this at an extraordinary bankers committee meeting comprising of bank CEOs and CBN directors held in Lagos on Saturday.
“CBN has a responsibility to see to adjustment in currency. What you have seen is an adjustment in currency. We have also been accused that we have a hand. We don’t have a hand,” Emefiele said.
The CBN on Saturday devalued the Naira as the official exchange rate is now at N360 per dollar.
The official rate which stood at N307 per dollar as of Friday is now pegged at N360 according to data from the CBN website.
Source: Businessdayng
