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.