The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that Nigerians are showing greater confidence in the naira for the first time in a long period. Speaking after the conclusion of the 301st Monetary Policy Committee meeting on Tuesday, Cardoso emphasized that the naira's stability in the foreign exchange market has become more sustainable due to increased transparency and vigilance. He noted that these efforts by the CBN to manage the FX market have helped restore public trust in the currency, which is crucial for economic stability.
The Monetary Policy Committee also retained the benchmark interest rate at 27.50 percent, signaling a cautious but steady approach amid ongoing economic pressures.
This growing confidence reflects the central bank's active measures to maintain a stable exchange rate and support the naira's resilience despite external shocks and volatility in global markets.
Experts and market participants have welcomed this development, which is expected to positively impact business activities and investor sentiment across Nigeria.
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