New Forex Policy: Emefiele Writes Secret Letter To Buhari

The Governor of the Central Bank of Nigeria Godwin Emefiele has written a letter to President Muhammadu Buhari about the recent Forex policy declared by the Central Bank of Nigeria.

Emefiele in the letter, which was leaked to the Reuters news agency explained to the president the foreign exchange plan announced on June 15.

He stated that it could take three to four weeks to clear a $4 billion backlog of foreign exchange demand.

The CBN governor further noted that the bank hopes the local currency will finally trade at around 250 per dollar, a level the president has “approved”.
 “I must assure Your Excellency that we are indeed reasonably optimistic that at some point the rate will settle around 250 naira,” he says in the letter.
The CBN on June 15 said it would begin market-driven foreign currency trading on Monday, leaving the peg of 197 naira per dollar that it has been supported for 16 months.

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