The Fall Of The Naira Is Beyond Our Power, Says CBN; And They Devalued Our Currency?

The Governor, Central Bank of Nigeria, Godwin Emefiele, has said the factors causing the continued fall in the value of the naira are beyond the control of the CBN and the Federal Government.

This, he said, informed part of the reasons the central bank chose to devalue the naira about two weeks ago, rather than continue in the defence of the nation's currency from the external reserves.

Emefiele, who spoke at the Bankers' Dinner organised by the Chartered Institute of Bankers of Nigeria in Lagos on Saturday night, disclosed that the bank had spent a huge chunk of the

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