The Central Bank of Nigeria (CBN) claims it is making every effort for the purpose of achieving a stable foreign exchange (FX) rate.
The governor of the CBN, Yemi Cardoso, said this on April 20 during a news conference held in conjunction with the World Bank Group and International Monetary Fund (IMF) annual meetings.
According to him, the financial authority is also making efforts to guarantee that the exchange rate reaches a suitable level of price discovery.
“Again, to be honest, I think we should expect that there will be increases here and there, ups and downs and even from what you’ve reported yesterday, from what I gather, the naira has begun strengthening overnight,” he said.
“So I think the most important thing to say here is that we are doing everything possible to ensure that we have a stable exchange rate and an exchange rate that finds its adequate price discovery level.” [CONTINUE READING HERE]
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