A report on Tuesday, May 24 had suggested that the CBN governor, Godwin Emefiele, was expected to make an announcement on how the devaluation would look be and its process
The Governor, who announced this during a briefing at the end of the Monetary Policy Committee (MPC) meeting at the CBN headquarters in Abuja, said he would give details of the flexible forex regime in a few days.
Authoritative sources said that the CBN would set the new exchange rate at N250 – $1 from its current about N198 – $1 regime.
“The MPC (Monetary Policy Committee) voted unanimously to adopt a flexible exchange rate policy to restore the automatic adjustment properties of the exchange rate,” Emefiele said, adding that the “bank would retain a small window for funding critical transactions” and that “details of operations of the market would be released by the central bank at the appropriate time”.
The Governor also announced that the MPC retained the MPR at 12%, CRR at 22.5% and Liquidity Ration at 30%.
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