The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said that maintaining stable exchange rate to avoid depreciation of the naira is better than building foreign reserve buffers.

Emefiele told journalists on Sunday that this was part of the outcome of the Nigerian delegation’s meetings with investors and institutions at the International Monetary Fund and World Bank Group Annual Meetings in Bali, Indonesia.

He said that all frontiers and developing markets had suffered not just depreciation, but had also lost reserves.

The News Agency of Nigeria quoted Emefiele as saying, “We are very conscious of the need to build buffers; but unfortunately, I must say that we are in the period where it will be difficult to talk about building reserve buffers.

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Stable exchange rate best choice for Nigeria – Emefiele http://www.sanwomi.com/2018/10/stable-exchange-rate-best-choice-for.html