The Central Bank of Nigeria (CBN) has assured Nigerians not to fret over reports indicating that the Naira would be devalued on account of global crude price slump.
The apex banking institution said the market fundamentals did not support devaluation of the nation’s currency.
The naira has been under pressure since the crude oil crashed to about $30 per barrel, threatening the nation’s foreign reserve and creating panic in the foreign exchange market.
The CBN, in a statement by its Director of Corporate Communications, Isaac Okorafor, painted a reassuring picture that the naira would not lose its value
Below is the statement.