CBN governor flies out to woo British, U.S. investors – Reuters

Godwin-Emefiele

LAGOS, July 15 (Reuters) – Nigeria’s central bank governor flew to Britain and the United States this week to try to lure back investors scared off by the plunge in oil prices and resulting financial turmoil, a central bank official said on Friday.

The central bank last month bowed to foreign pressure to remove the 16-month-old 197-per-dollar peg on the naira it had brought in to try and control its fall as crude prices plummetted.

Investors welcomed the move but many said they were still steering clear until Africa’s biggest economy shows signs of concrete recovery.

Trade has been thin and dollar liquidity tight, leaving the central bank as the main supplier of hard currency.

Central bank governor Godwin Emefiele and his deputy Sarah Alade held meetings with investors in Britain and the United Staes, the central bank official said.

“It was more like a roadshow to get investors back into the country,” and authorities were particularly keen to boost dollar liquidity, he added.

The naira tumbled to a record low of 295.25 in thin trades against the dollar on Friday after the central sold dollars to try and boost liquidity on the interbank market, traders said.

It was quoted at 365 on the black market on Friday. (Reporting by Chijioke Ohuocha)