Charles Soludo, the governor of the Central Bank of Nigeria, has said that exchange-rate adjustment is an opportunity.

Soludo said that a timely adjustment of the naira's exchange rate was needed to avoid the disastrous consequences associated with a delayed response. He said that a so-called "shock therapy" adjustment was better than a long drawn out depreciation which would wipe out the foreign-exchange reserves before reaching the appropriate level of the exchange rate.

The governor made the