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CBN Refuses To Succumb To Further Devaluation Pressure.

Dele Akintilo

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The steady slide of Naira‘s exchange rate against the US Dollar has been astronomical since the beginning of this week. CBN Refuses To Succumb To Further Devaluation Pressure.

On Monday July 13, 2015, the exchange rate was NGN238 to $1. The rate slid to NGN240 per Dollar on Tuesday while it depreciated further to NGN245 per Dollar on July 15, 2015.

Amid this slide, parallel market dealers have projected that the exchange rate will most likely depreciated to NGN250 per Dollar next week going by the recent trend in the foreign exchange market.

While reacting to the parallel market dealers’ projection, Mr. Ibrahim Muazu, the Director of Corporate Communication of Central Bank of Nigeria (CBN) revealed that the CBN would not succumb to pressures to continually devalue the Naira.

Mr. Muazu urged Nigerians not to panic at the recent trend in the foreign exchange market. He also added that the trend could be a temporal distortion caused by the recent policy change.