Nigerian Naira "Appropriately Priced" –CBN

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, Governor Godwin Emefiele said that restrictions put in place in June to conserve foreign exchange reserves and support the naira were working.

Africa's largest oil producer has restricted imports to offset a fall in vital oil revenues, which has battered public finances and the naira.

On Monday, the bank weakened its official exchange rate peg on the Lagos interbank market to 197 naira per dollar from 196.95 it set last week. It was the seventh adjustment since the regulator introduced tight currency controls in February.

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