The controls are necessary and are working to limit demand for dollars, Emefiele told delegates at a conference on Africa hosted by the Financial Times in London on Monday. The central bank had little choice in imposing the curbs in order to preserve foreign-currency reserves, he said.
“Once we have achieved a result we can allow ourselves to look at a freer market,” the governor said.
The Nigerian naira is “appropriately priced” and the central bank does not plan any adjustments in the currency for now, the head of the bank said on Monday.
Speaking at a conference in London, Godwin Emefiele said that restrictions put in place in June to conserve foreign exchange reserves and support the naira were working.On Monday, the bank weakened its official exchange rate peg on the Lagos interbank market to N197 per dollar from N196.95 it set last week. It was the seventh adjustment since the regulator introduced tight currency controls in February.
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