The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says the bank is determined to see the convergence of rates at the foreign exchange market.
Mr. Emefiele said this while fielding questions from journalists at the end of the Monetary Policy Committee (MPC) meeting of the CBN in Abuja on Tuesday.
The CBN governor denied that the bank was directed by the National Economic Council (NEC) to intervene in the FOREX market before it started injecting money into the interbank market.
“NEC did not direct the CBN as is being insinuated in some quarters.
“We have seen the trend and we took decision to revise it through our FOREX intervention,’’ Mr. Emefiele said.
He said the CBN was optimistic that the rate between the official and parallel market would converge further.
When asked if the CBN could sustain the policy, Mr. Emefiele said the bank had the capacity to take decisions and implement them.
He noted that the nations’ foreign reserves had improved further to $31 billion.