Emefiele had on Thursday in
Making clarifications, the new CBN reportedly told Reuters on Friday that there were no immediate plans to cut interest rates and definitely would not consider doing so until after the presidential election in
Rates have stayed at 12 percent since late 2011, helping bring down inflation but businesses say they are punitive.
Dealers said the naira should strengthen further on Tuesday on the back of the planned sale of forex by the
Traders said many banks sold down their dollar positions in anticipation of dollar inflows from NNPC, which is expected to hit the market by Tuesday.
NNPC, which usually sells dollars to some banks on a monthly basis, accounts for about 70 percent of the volume of dollars traded on the interbank market.
"The market has also calmed since the new central bank governor made the clarification on his plan to gradually reduce interest rates, which was one of the reasons the market was jittery previously," one dealer said.
Emefiele replaced Sanusi Lamido Sanusi, suspended by President
Most Popular Stories
- Islamic State Obliterating Cultural Landmarks in Mosul
- The 2014 Fastest-Growing 100
- 'Lucy's' Super Powers Tops 'Hercules' at Box Office
- Boehner Says Impeachment Talk Is Democrat Scam
- You're So Vain: Microsoft to Launch First 'Selfie Phone'
- VW Site Could Mean Another 2,000 Jobs for Chattanooga
- U.S. Home Price Gains Slow for 6th Month in a Row
- RV Sales See Highest Increase Post Great Recession
- Report: China to Declare Qualcomm a Monopoly
- Insecticides Permeate U.S. Food, Water Supply