• Mon, March 10, 2025

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CBN's efforts to leverage forex stability for single digit inflation

In the first two months of this year, Nigerians witnessed steady appreciation of the Naira and convergence of the official and parallel markets exchange rates around N1,500 per dollar.
The Central Bank of Nigeria (CBN) is actively working to leverage foreign exchange (forex) stability to achieve single-digit inflation, as highlighted in a recent Vanguard article. The CBN's strategy includes tightening monetary policy, enhancing forex liquidity, and stabilizing the naira to curb inflation, which has been exacerbated by currency fluctuations and supply chain disruptions. Governor Olayemi Cardoso emphasized the importance of a stable forex market in controlling inflation, noting that recent interventions have started to show positive results with a slight decrease in inflation rates. The CBN is also focusing on improving transparency in the forex market, reducing speculative activities, and encouraging foreign investments to bolster reserves. These efforts are part of a broader economic stabilization plan aimed at fostering sustainable growth and reducing the cost of living for Nigerians.

Read the Full Vanguard Article at:
https://www.vanguardngr.com/2025/03/cbns-efforts-to-leverage-forex-stability-for-single-digit-inflation/

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