
Speaking yesterday in Abuja, the Central Bank of Nigeria Deputy Governor designate, Dr. Joseph Nnanna, said Naira is not devalued, rather that CBN merely announced a new exchange rate in compliance with market forces.
He stated this when he appeared before the Senate Committee on Banking, Finance and other Financial Institutions. “The central bank did not devalue the naira so to speak; it only followed the three principal markets in Nigeria – the official, the retail and the parallel.”
Dr. Joseph further explained that the CBN will not pursue the policy permanently because it will elapse with the current positive transformation in the agricultural sector, which would make it possible for products to be exported to bring more foreign exchange to the country.









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