The Nigerian naira maintained its position at 1,350 against the US dollar on the parallel market, signaling stability amidst recent economic fluctuations. While the official exchange rate at the Nigerian Autonomous Foreign Exchange Market (NAFEM) saw a decline to 1,419.11 per dollar, the Central Bank of Nigeria (CBN) remains focused on attracting foreign exchange inflows to bolster liquidity.
Governor Olayemi Cardoso reiterated the importance of maintaining liquidity in the FX market during the recent Monetary Policy Committee (MPC) meeting, emphasizing the need to address inflationary pressures through exchange rate management.
Despite a decline in Nigeria's reserve money, the broad money supply increased, contributing to inflationary pressures.
The CBN's commitment to attracting inflows and managing exchange rate pressures reflects its efforts to stabilize the FX market and navigate economic challenges effectively.
