In Nigeria, the naira, national currency, is still in great difficulty, despite measures by the Central Bank to try to stabilize the foreign exchange market and consolidate foreign currency reserves, which are still too low compared to demand.
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The Central Bank’s recent measures have brought nearly a billion dollars into the Nigerian market, according to the governor of the banking institution who answered questions from Nigerian senators on Friday.
Last week, the CBN decided to remove caps on foreign currency transfer operations and lift restrictions on the sale of interbank products. One more step in favor of market liberalization, which could ultimately lead to the complete floating of the naira. “ We don’t have a magic wand to get out of the currency crisis “, nevertheless warned the governor of the Central Bank. Olayemi Cardosoi took the opportunity to urge Nigerians “ the most rich » to moderate their “ appetite for the dollar and foreign products “, which only accentuates the devaluation of the national currency, according to him.
The foreign exchange market is still under strong pressure and despite the efforts of the Central Bank, the gap between the official exchange rate and the black market still exceeds 12%.
Read alsoNigeria: the naira, a drifting national currency