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Good Morning Nigeria: No end to the administrative measures

​No end to the administrative measures

The CBN governor, Godwin Emefiele, told the annual dinner of the Chartered Institute of Bankers of Nigeria in Lagos in late November that it had achieved stability in the exchange rate since February, adding that “some are not happy with us for that action”. This group of the discontented includes the offshore portfolio community and manufacturers running low on imported inputs. That said, we do not expect a change of tack from the authorities and we repeat our view that devaluation would be a last resort. The pressure in the market has eased a little for the moment with the end of the pre-Christmas import surge and the encashment of fx by the returning diaspora on holiday.

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