in his first five years as monetary chief. Many analysts criticized his desire to keep a strong currency and curb imports, saying it deterred foreign investment and slowed Nigeria’s economic recovery after the 2014 crash in crude prices. But he endeared himself to President Muhammadu Buhari, who believes the central bank’s measures are the best way for Nigeria to diversify from oil and boost manufacturers and farmers.
There’s little sign that Emefiele or Buhari will change their stance soon. And with foreign reserves having risen 8% since November to $45 billion, the governor has the firepower to defend the currency for longer.Emefiele has been a godsend for carry traders this year. His policy of keeping a tight grip on the currency and yields on short-term bondshas made the naira one of the juiciest bets in emerging markets.
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