Nigeria's Central Bank Governor Warns Of Wider Deficit Unless Oil Prices Rise

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Published Nov 22, 2016

Nigeria's central bank governor, Godwin Emefiele has been criticized for his handling of the country's foreign exchange policy. Despite adopting a flexible exchange rate policy in June this year, the naira has continued to slide against major currencies like the dollar -- especially in the unofficial black market. Addressing a forum of bankers in Lagos, Emefiele blamed the current economic crisis on the mismanagement of past forex gains. He's warned that Nigeria's external reserves may continue to dwindle as long as oil prices remain low.