The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stated that the naira has demonstrated significant stability since June 2024, despite ongoing economic challenges.
- Cardoso made this assertion following the 298th meeting of the CBN’s Monetary Policy Committee (MPC) in Abuja on Tuesday.
- He highlighted that the central bank’s strategies to manage the currency and stabilize prices are beginning to show positive outcomes.
- During the briefing, Cardoso emphasized the distinction between the value and stability of the naira, noting that while currency value is influenced by various macroeconomic factors, the CBN’s primary focus is on ensuring stability.
- He explained that maintaining the naira’s stability is crucial for fostering a conducive environment for economic planning and investment.
- Cardoso remarked, “The Central Bank of Nigeria is there to provide stability. Stability helps you to plan… If you look and measure stability between June and now, you find out it has been stable.”
