The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele has spoken against devaluation of Naira and urged Nigerians not to panic about the order by President Muhammad Buhari to move billions of naira from the country’s financial system.
Emefiele said this during an interview with Reuters. He disclosed further during the interview that the CBN will be on ground to inject money into the interbank market that witnessed a heavy outflow of fund due to the recent directive that government departments should move their funds from all commercial banks to Treasury Single Account (TSA) of the Central Bank.
He said, “There is no shortage of liquidity. A spike is a momentary action. It is sentiment. I do not think there is any need for anybody to panic. The TSA won’t be a disaster. I think those fears are overblown”.