The acting Director of Corporate Communications, Central Bank of Nigeria (CBN), Mr. Isaac Okoroafor, said on Wednesday the apex bank resisted suggestions to float the Naira when the country was battling with economic recession.
Okoroafor spoke at the Capital Chapter Congress/Dinner of the Nigerian Institute of Public Relations (NIPR) in Abuja.
Delivering a lecture titled: “Managing Public Confidence in a Period of Economic Challenge -The Role of Public Relations,” the CBN spokesman said the bank was vindicated afterwards for rejecting the suggestion.
A floating exchange rate is a regime where the currency price is set by the forex market based on supply and demand compared with other currencies.
This is in contrast to a fixed exchange rate, in which the government entirely or predominantly determines the rate.
He said: “Several people both local and international made the suggestions that we float the Naira but we said no.
“We resisted the option because we felt it was a wrong option and dangerous to the economy and we are very happy we proved them wrong.
“We believe we succeeded and what are doing now in to consolidate on the successes and address our failures.”
NAN
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