Managing Director, of Financial Derivatives Company (FDC), Mr. Bismarck Rewane has implored the Central Bank of Nigeria (CBN) to remain strategic and deliberate on its initiatives aimed at salvaging the naira.
In a review, Rewane said that while the naira had flown into a storm and battered by market forces, speculation, greed, fear, and trepidation, the apex bank must not reacted in a panicky pattern.
“More than anything else, the CBN must not go into panic mode,” Rewane said.
He outlined strategic steps that the apex bank needed to take to further stabilize the naira. According to him, the spike in the 90-day T/bill rates from 5.0 percent per annum to 17.24 percent per annum should give the naira a major lift, although this might impact the stock market negatively.