The Central Bank Governor is under pressure not just from you and I but also from some people in Governor. At Thursday’s Federal Executive Council meeting the CBN Governor was put on the spot by members who worried about the deteorating forex situation in the country. The exchange rate is now $1 to N509.
They asked for a review of the forex policy citing the exchange rate disparity between the parallel market rate and the interbank rate.
Here is how the exchange was captured in the highlights of the FEC.
ON THE EXCHANGE RATE
After a brief presentation on Forex Policy options by the CBN Governor, Council members generally expressed concern over the current situation of the exchange rate and called for an urgent review of the current Forex Policy, especially the gap between interbank and the parallel market rates. The CBN Governor sued for patience and understanding, assuring that the situation is being closely managed.
We wonder what the CBN Governor meant by “closely managed”.