At N1,400/$, Nigeria Has Seen Worst of Naira Volatility, Cardoso Says


CBN Declares Peak of Naira Volatility Over

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The Central Bank of Nigeria (CBN) has announced that the country has likely experienced the worst of naira volatility. In a recent statement, the CBN expressed optimism about the stability of the national currency moving forward.

According to the CBN, recent measures implemented to stabilize the naira are beginning to yield positive results. “We believe that the most severe fluctuations in the naira are behind us,” said Olayemi Cardoso, the Governor of the CBN.

Cardoso highlighted that the CBN has been actively managing foreign exchange resources and implementing policies aimed at curbing speculative activities in the market. These efforts, coupled with enhanced monitoring and regulation, have contributed to a more stable exchange rate.

The CBN also pointed to improved foreign currency inflows from various sectors, including increased diaspora remittances and foreign investments, as factors bolstering the naira. Additionally, ongoing economic reforms are expected to further support currency stability.

Looking ahead, the CBN remains committed to maintaining a stable exchange rate through prudent monetary policies and strategic interventions.

The bank reassures Nigerians and investors that it will continue to closely monitor the market to prevent future volatility.

Cardoso’s announcement underscores the CBN’s dedication to ensuring a resilient and stable financial system, fostering confidence among stakeholders in the Nigerian economy.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247news
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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