The Central Bank of Nigeria (CBN) also known as the apex bank and lenders bank presided upon by Godwin Emefiele has vowed to protect low-income earners by sticking with its foreign exchange policy, despite the recession crippling all.

According to Ceoafrica, the bank’s spokesman, Isaac Okorafor, said that “Intelligence reports at the disposal of the bank reveal the involvement of some unpatriotic elements funding the push to have the CBN and the federal government reverse its forex policy."

Nigeria's government led by President Muhammadu Buhari has been heavily criticised for propping up the naira at 305-315 to the dollar and introducing tight capital controls in response to the country's worst economic crisis in decades.

The policies have led to a foreign exchange shortage, with many local businesses being forced to buy dollars on the black market, where the rate is scraping 490 to the dollar.

However, Mr Okorafor added that a weak naira would only hurt the poor and the bank was committed to ensuring that "the masses of our country's low income earners are protected from the vagaries of high naira depreciation".