Abuja, June 25, 2024 – Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), says the worst is over for the Nigerian currency, the naira.
He said the era of wide fluctuations in the value of the currency was gone.
Cardoso expressed this optimism during a recent interview with Bloomberg TV.
He expressed satisfaction with the progress made in curbing volatility and suggested the worst may be over for the Nigerian currency.
“We do believe that we have more or less seen the worst in terms of volatility,” Cardoso said.
He attributed the current stability in the value of the currency to several actions taken by the central bank.
He commended the Monetary Policy Committee’s (MPC) for deploying all necessary measures to curb inflation and maintain currency stability.
The currency has been relatively stable around N1,470 and N1,480 to the dollar at the official segment of the foreign exchange market since the beginning of June.
It, however, depreciated marginally against the dollar at the official market (NAFEM) to N1,490 on Monday.
