Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), claims that the naira is now the world’s best-performing currency as a result of the central bank’s FX reforms.
In recent months, Nigeria’s currency has drastically depreciated in value relative to other major currencies.
However, Cardoso stated that the CBN’s foreign exchange reforms are having an impact during a briefing on Saturday outside of the just concluded World Bank/IMF Spring Meetings in Washington, DC, in the United States.
“April saw the naira emerge as the best-performing currency globally, supported by bullish sentiment from leading international investment institutions,” he said.
“Our FX market is experiencing robust activities with turnover reaching levels not seen in over seven years.
“This liquidity boost instills confidence among investors, businesses, and other partners, ensuring fluidity in their interactions with Nigeria’s FX markets.” [CONTINUE READING HERE]
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