Nigeria has floated naira “within a range”-cbank gov

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Nigerian naira notes are seen in this picture illustration March 15, 2016. REUTERS/Afolabi Sotunde/Illustration/File Photo - RTSFNNR

LAGOS, March 21  – Nigeria has floated the naira “within a range” against the dollar, central bank governor Godwin Emefiele said on Tuesday.

The naira, held around 305 per dollar for almost a year, was recently effectively devalued for certain categories of the population, though the central bank continues to tightly manage the rate.

He didn’t say what the range was but said the exchange rate was looking “better than expected”.

“We have seen the rates converging and we are strongly very optimistic that rate will converge further,” he said referring to the gap between the naira’s official and black market rate.

The central bank earlier kept interest rates steady at 14 percent.

 

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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