Emefiele stressed that the central bank’s foreign exchange regime further seeks to ensure external balance without compromising the need for internal balance and the overall goal of macroeconomic stability.
The CBN governor says the thrust of exchange rate management by the bank was to allow the market system to determine the exchange rate parity in an efficient manner devoid of the activities of speculators and rent-seekers.
He pointed out that the bank’s choice of exchange rate regime had at all times been determined by the prevailing economic fundamentals, adding that it was not uncommon that the dynamics of the external and domestic economy lead to a change in regime.