Covid

Nigeria’s apex bank reiterated on Wednesday that it is confident in its capability of keeping the naira’s exchange rate basically stable amidst looming recession occasioned by the impact of the COVID-19 pandemic.

Isaac Okorafor, head of communications for the Central Bank of Nigeria (CBN), told reporters in Abuja that the naira in the past three years has remained stable against other world currencies due largely to strict measures put in place by the CBN to check cases of round-tripping.

The Bank, according to him, working with other relevant agencies of government, had equally curtailed the activities of economic saboteurs neck-deep in smuggling and other economic crimes.

He told reporters that the apex bank has uncovered sinister plans by some persons with selfish interests in Nigeria’s economic and socio-political space to distract the CBN and discredit the institution through deliberate misinformation, complete fabrications and outright lies.

Okorafor said in spite of the push by some vested interests to impugn the integrity of the Bank, it was resolute in ensuring a robust economy in the country.

According to figures released by the CBN, the bank devalued the naira to exchange to the U.S. dollar at 360 naira on March 20 after it maintained the exchange rage at about 306 naira per dollar for more than three years.

Local observers said naira’s devaluation was attributed to the crude oil price which fell drastically in the international market and speculations among investors.

According to local daily the Punch, the apex bank took this decision after all interventions in the market, such as imposing sanctions on errant operators and use of moral suasion to curb illegal forex operations.

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