Thread: Economicwatch
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Old 15th March 2017, 10:49 AM
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Default Re: Economicwatch

Nigeria Puts Naira Float to Bed, Slams Currency `Criminals'

Nigeria’s central bank Governor Godwin Emefiele said he is committed to a currency regime that sent foreign investors fleeing from the nation’s markets and exacerbated a dollar shortage.

The Central Bank of Nigeria won’t allow “faceless and criminally minded people to destroy the currency under the guise of a free float as is being canvassed,’’ Emefiele said in a speech on Saturday in Abuja, the capital, while accepting an award from a local newspaper. Independent estimates and “purchasing power parity analysis” by the regulator showed that the currency shouldn’t be so low on the unofficial market, which has been influenced by “criminal activities,” he said.
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