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CBN Confirms FX Market Stability as Volatility Falls Below 0.5%-Cardoso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that foreign exchange (FX) market volatility has dropped below 0.5%, signaling improved stability in Nigeria’s economy.
During a press briefing in Abuja following the 300th Monetary Policy Committee (MPC) meeting, Cardoso attributed the decline to monetary and fiscal reforms, including exchange rate unification, FX market liberalization, and tighter monetary policies. He emphasized that investor confidence has been restored, leading to an increase in foreign exchange reserves and a more predictable economic environment.
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Cardoso also highlighted that Nigeria’s net external reserves have surged from just over $3 billion to approximately $23 billion, reflecting renewed confidence from international investors. Additionally, the CBN aims to boost diaspora remittance inflows to $1 billion per month, supported by digitized remittance channels and improved compliance measures.
