Coronavirus no plan to devalue naira ― cbn

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Headline: Coronavirus: No plan to devalue naira, says CBN

Summary: The Central Bank of Nigeria (CBN) has denied plans to devalue the naira in response to the economic impact of the coronavirus pandemic. In a statement, the CBN said that it has no intention of devaluing the currency, and that it is committed to maintaining the stability of the naira.

Background: The coronavirus pandemic has had a significant impact on the global economy, leading to a decline in oil prices and a subsequent decline in Nigeria's foreign exchange earnings. This has put pressure on the naira, which has been experiencing a decline in value against major currencies.

CBN's stance: The CBN has taken several measures to stabilize the naira, including increasing foreign exchange reserves and implementing policies to reduce imports. The bank has also increased the amount of foreign exchange available to importers of essential goods, such as food and medicine.

Impact on economy: The CBN's decision not to devalue the naira is expected to have a positive impact on the economy, as it will help to maintain confidence in the currency and reduce the risk of inflation. However, some economists have warned that the CBN's policies may not be enough to address the underlying structural issues in the economy, and that a devaluation of the naira may be necessary to stimulate economic growth.

Conclusion: The CBN's decision not to devalue the naira is a positive development for the economy, as it will help to maintain stability and confidence in the currency. However, the bank's policies will need to be carefully monitored to ensure that they are effective in addressing the underlying structural issues in the economy.