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Nigeria central bank confident it can defend naira after intervention
February 13, 2014 / 3:55 PM / in 4 years

Nigeria central bank confident it can defend naira after intervention

LAGOS, Feb 13 (Reuters) - Nigeria’s central bank intervened to stabilise the naira on Thursday, deputy governor Sarah Alade told Reuters, after the currency fell to an all-time intraday low of 167 to the dollar.

She added that, with $42 billion of reserves, she was confident the bank would be able to maintain the currency within its managed band of 3 percent either side of 155 to the dollar.

She said the central bank had no plans to hold an emergency meeting on the naira’s fall, for which she blamed currency speculators.

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