Nairametrics| At the press briefing following the conclusion of the Monetary Policy Meeting, the CBN Governor, Godwin Emefiele tried as much as he can to explain his definition of currency float, at least from his perspective .
“Nigeria has floated the naira within a range against the dollar….The market is not expected to be fixed, the market will move sometimes because of trends, it is not meant to be a fixed market, it is supposed to be sort of a floating market but it must float within a particular range.
He of course did not explain what he meant by “range” but we can infer he meant anything between N305 and N400. He was also excited about the recent strengthening of the naira remarking that the exchange rate was looking “better than expected”. He even believes that the disparity between the official and black market rates might converge “further”
“We have seen the rates converging and we are strongly very optimistic that rate will converge further,”
Godwin Emefiele was Vanguard Man of the year 2016.