anusi Lamido Sanusi, governor of the Central Bank of Nigeria, explains how the bank determines the foreign exchange regime and measures adopted to stabilise the value of the Naira

What determines the exchange rate regime which the Central Bank of Nigeria, CBN, adopts in the management of foreign exchange market? This question came up at a recent CBN-sponsored seminar for finance correspondence and business editors, whose theme was “The Global Economic Crisis and the Exchange Rate Management in Nigeria.”

Sanusi Lamido Sanusi, CBN governor, took time to explain that market forces determine the exchange rate at any point in time. “Exchange rate in Nigeria is market-determined by the forces of demand and supply,” Sanusi said. He also explained the measures the CBN had taken to curb the effects of the global economic crisis on the Nigerian economy. The CBN is the monetary authority charged with the responsibility of ensuring price stability and maintaining external reserves to safeguard the value of the Naira, Nigeria’s legal tender. Full Story at Newswatch

Posted July 28, 2009

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