Nigeria – According to the governor of the Central Bank of Nigeria, Godwin Emefiele, the pressures on the country’s currency will abate after the general elections in March and April.
Naira had taken a huge blow following its devaluation last year which was caused by the global crash in prices of crude oil.
However Emefiele, speaking after the CBN’s MPC meeting expressed optimism that after the elections, confidence in the naira would improve and the economy would move in an upward direction.
The governor said some of the recent measures taken by the CBN would help to reduce the pressures on the nation’s currency.
Some of the measures, according to him, are the improvement in supply of foreign exchange, deepening of the market and cutting what he described as ineffective demand.
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