Devaluation? CBN calls emergency meeting with Bank CEOs

Reuters reports the Nigeria’s central bank has called a meeting with chief executives and treasurers of commercial lenders on Friday to discuss issues surrounding its policy on the foreign exchange market.

Reuters reveals it was informed about the meeting from ‘multiple banking sources’.

Traders were upbeat on the outcome of the meeting which they claimed was long overdue to ease the tight control in the market and allow the local currency to find its real value.

“We are anticipating that the meeting would naturally discuss the present market conditions and explore possibility of reviewing the tight control on the forex market,”

The article also suggest the meeting may have been called to address the various monetary polices imposed by the CBN to control the free fall of the Naira and the threat by JP Morgan. As such, this could be viewed as a sign that the naira may be allowed to have some room to find its own value. A move that may just signify a first step towards devaluation.







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