CBN Policies Boost Naira Stability: IMF Report
The International Monetary Fund (IMF) has noted that the Nigerian naira is showing signs of stability, attributing this improvement to recent monetary policy actions by the Central Bank of Nigeria (CBN).
These actions include interest rate hikes and efforts to clear a backlog of foreign exchange obligations.
The IMF emphasized that these measures, especially under the leadership of the new CBN governor, Olayemi Cardoso, have positively impacted the naira’s performance, despite the challenges of high inflation, which remains around 30%.
This development comes after several rounds of criticism from stakeholders over the impact of these policies on different sectors, particularly manufacturing.
However, the IMF believes the policies are essential to stabilize both the currency and the broader economy.