At the time the country was battling economic recession, the Central Bank of Nigeria resisted pressure to float the naira.
The Acting Director, Corporate Communications of the CBN, Mr. Isaac Okoroafor, stated this while delivering a lecture at the monthly congress of the Nigerian Institute of Public Relations (NIPR), FCT chapter in Abuja, titled ‘Managing Public Confidence in a Period of Economic Challenge -The Role of Public Relations’.
He said several people both local and international had suggested that the bank floats the naira but “We resisted the option because we felt it was a wrong option and dangerous to the economy and we are very happy we proved them wrong. We believe we succeeded and what we are doing now is to consolidate on the successes and address our failures,’’ he said.
Okoroafor, who noted that the economic crisis the country faced then was unavoidable, said he was glad the bank took preventive measures by not floating the naira and maintained and stock by its position.