The most difficult times for the Naira have passed, according to a report from The Channelstv citing Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN).
Cardoso credited the recent reforms executed by the CBN for the relatively stable Naira, which he expressed confidence in during an interview with Channelstv on Tuesday, June 25, 2024.
Cardoso maintained his optimism on the Naira's future worth despite its precipitous decline to its official market bottom of N1,507.79 to the dollar on June 25, 2024.
He told me, "I do believe that we have more or less seen the worst in terms of volatility." He underlined the CBN's dedication to keeping an eye on the market and using a variety of measures to make sure the Naira is worth its worth.
The effectiveness of the CBN's initiatives in reducing the volatility of the Naira was emphasised by Cardoso. Additionally, he reaffirmed the commitment of the Monetary Policy Committee (MPC) to reducing inflation, which reached a peak of 33.95% in May.
Prior to its most recent drop, the Naira exhibited reasonable consistency in June, trading between N1,473 and N1,485 per dollar.
Many took heart in the fact that the Naira has remained mostly unchanged since President Bola Tinubu's administration and the Central Bank of Nigeria (CBN) began implementing reforms.
The CBN raised the main interest rate to 26.25% to entice dollar inflows and rein down inflation.
The relative stability of the Naira, according to financial analysts, is due to the fact that the Nigerian economy has been receiving more foreign money.
Many see this pattern as encouraging news for the Naira's future stability and as proof that people are confident in the CBN's actions.