The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has expressed pleasure about the relative stability of the Naira in the past months.

The CBN boss disclosed in an interview with Bloomberg TV on Tuesday, June 25, 2024, that the naira volatility will not resurface again.

He said: “I do believe that we have more or less seen the worst in terms of volatility.

“We are also very alive to observing the way and manner in which the market operates and ensuring that it gives the best value that can be accomplished using certain tools.”

According to Cardoso, the apex bank's various interventions calmed the Naira’s volatility while stating that Nigeria’s Monetary Policy Committee (MPC) would do everything possible to stem inflation.

The Nigerian currency had remained relatively stable in June, trading between N1,473 and N1,485 per dollar in the official market, before crashing on Tuesday, June 25, 2024.

The relative moderation of the naira appeared to be a win for the reforms initiated by Bola Tinubu’s government and a positive sign for the apex bank's interventions.

Reports say the financial institutions regulator increased the key interest rate to 26.25% to attract dollar inflows to end volatility and curb inflation, which spiked to 33.95% in May.