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Nigeria’s currency, the naira, has plunged to a historic low against the dollar, marking a concerning trend despite efforts by the central bank to stabilize the exchange rate.
Central Bank Governor Olayemi Cardoso addressed the Nigerian legislative parliament, revealing that the bank had injected over $1 billion into the economy by selling one trillion naira ($678.60 million) worth of Treasury bills in high demand. Despite these efforts, the naira continued its downward spiral.
To tackle the currency volatility, the central bank introduced several measures. Among these were elevating open market rates from under 12% to 19% to attract investors to Treasury bills and eliminating limits on interbank forex spreads. Cardoso emphasized that these initiatives aimed to foster a more market-driven exchange rate mechanism, increase foreign exchange inflows, stabilize the naira, and mitigate inflation impacts.
However, the naira’s depreciation persisted. The official exchange rate plummeted to a staggering 1,531 per dollar from 900 the previous week following changes in the market regulator’s rate calculation method, effectively devaluing the naira further.
Naira Hangs in the Balance Ahead of Upcoming MPC Meeting
The upcoming monetary policy meeting on February 26, the first under Cardoso’s leadership after a six-month hiatus, is anticipated to witness discussions on raising the policy rate by at least 200 basis points to 20.75%. This move aims to combat inflation and bolster the naira’s strength.
Despite these challenges, Cardoso remains optimistic, citing positive results from the bank’s measures, with increased foreign investors contributing essential foreign exchange to the economy.
The performance of the naira holds significant implications for Nigeria, Africa’s largest economy, grappling with a severe dollar shortage that impedes growth and recovery efforts.
As the situation unfolds, stakeholders keen on understanding the naira’s dynamics and trading opportunities are encouraged to explore premium Forex signals services for comprehensive insights and analysis.
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