Emefiele: Nigeria’s FX Policy Targeted at Preserving Naira Value, Others – THISDAYLIVE

The Governor of the Central Bank of Nigeria , Mr. Godwin Emefiele, yesterday said the objectives of the country’s exchange rate policy were to preserve the value of the domestic currency and maintain a favourable external reserves position.

He pointed out that the bank’s choice of exchange rate regime had at all times been determined by the prevailing economic fundamentals, adding that it was not uncommon that the dynamics of the external and domestic economy lead to a change in regime. Represented at the capacity building course by the CBN Deputy Director, Monetary Policy Department, Mrs. Omolara Duke, Emefiele further explained that the choice of an exchange rate regime by a country was largely dependent on the assessment of its specific macroeconomic objectives, state of economic development and the focus of its foreign exchange policy.

“The choices of an exchange regime that will achieve exchange rate stability, capital mobility, and independent monetary policy simultaneously often leave a decision to achieve two out of these three outcomes. An exchange rate regime, therefore, must be credible and reflect the underlying fundamentals of the economy.

However, Director-General of WAIFEM, Dr. Baba Musa, said the fact that all currencies in WAIFEM member-countries are non-convertible raises the need for policymakers to appreciate the skills necessary to manage exchange rates. According to him, there are both theoretical and empirical reasons to expect globalisation to heighten the importance of the exchange rate.

Go and seat down, this country don't have any effective policy, the only effective and efficient policy this country operate the daily increments on price of goods and services.

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