Nigeria: Finance Minister 'Adeosun' Hints at Naira Devaluation

1.      Nigeria's Finance Minister, Kemi Adeosun, on Thursday in an article titled "Nigeria's Economy: The Road to Recovery" spoke about speculations concerning devaluing the Naira.

Nigeria's central bank has in recent times faced criticism for imposing a number of restrictions last year aimed at conserving foreign exchange reserves. It said January foreign reserves had fallen to around $28 billion, compared with $37 billion in June 2014.

The naira's slump has prompted speculation that the currency may have to be formally devalued soon.

"The contentious issue of the exchange rate policy that will complement the fiscal policy of this administration will be a product of determining the real equilibrium exchange rate path of the naira," wrote Adeosun.

"The finance ministry expects that the monetary policy authorities will be in a position to determine the steps required to put the currency in equilibrium after considering a number of variables," she added.


Reuters