Nigeria's central bank will strive to protect the country's currency r...
ABUJA - Nigeria’s central bank will strive to protect the country’s currency reserves after a British court ruling granted a small natural gas firm the right to try to seize $9 billion in assets from Nigeria’s government, the bank’s head said on Monday.
Central bank chief Godwin Emefiele said Nigeria had sufficient grounds to appeal the ruling, over an aborted gas project in the southern Nigerian city of Calabar, made on Friday in favor of Process and Industrial Developments Ltd. However Emefiele did not say what other measures the central bank might take to defend the country’s currency or its foreign exchange reserves.“FX pressures have intensified as global risk-off sentiment incentivises some portfolio reversals, and the UK judgment could add further fuel to the fire,” said Cobus de Hart, senior economist at South Africa’s NKC African Economics.
Nigeria operates a multiple exchange rate regime that it has used to manage pressure on the currency.
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