The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has reiterated the apex bank’s firm commitment to maintaining stability in the country’s foreign exchange market. He emphasized the bank’s efforts to identify and eliminate bad actors whose activities disrupt the stability of the naira.
This statement comes as recent findings revealed a slight depreciation of the naira in the official foreign exchange market on Tuesday, closing at N1,532.39/$, compared to N1,531.19/$ on Monday. This represents a marginal decline of 0.08%, indicating relative stability despite minor market fluctuations. The movement suggests ongoing volatility within a narrow range as the market adjusts to recent reforms and shifting demand-supply dynamics.
In the Bureau De Change (BDC) segment, the exchange rate remained stable at N1,570/$ for both days, reflecting a consistent gap between the official and parallel market rates. This stability in the BDC rate indicates steady demand for physical dollars in the informal market, even as the CBN enhances its surveillance and intervention measures across all FX windows.
The slight depreciation at the official window occurs amidst the Central Bank’s broader efforts to align the FX market with market fundamentals.
Cardoso’s remarks were made in a statement released following the February 2025 Monetary Policy Committee meeting, where he reaffirmed the CBN’s role in protecting the market from practices that threaten price stability and investor confidence.
This statement follows a series of reforms introduced by the CBN to stabilize the naira, restore investor confidence, and bring the FX market closer to market-driven principles.
