Lagos, Nigeria — Nigeria’s Central Bank Governor, Yemi Cardoso, announced that the country has experienced the worst of the naira volatility regarding foreign exchange.

    Speaking in London, Cardoso expressed satisfaction with the management of the currency crisis over the past months, highlighting recent stability in the market.

    In recent weeks, the naira’s exchange rate has shown significant stability, reflecting the effectiveness of the Central Bank’s measures. This stabilization is a direct result of rigorous macroeconomic policies aimed at maintaining the currency’s value.

    He said “We are relatively pleased with how far we’ve gotten now. In the past two to three weeks after a period of volatility, we’ve seen a lot of stability in the market.  

    “There’s hardly been any movement in the currency. The rates have been merged. We believe this is good and allow companies to plan, and signal to potential investors where the road of travel is in our economy.  

    ‘It is also important to mention that the monetary and fiscal work closely together, and I believe that that complementarity is what will give us that ultimate grip on the naira in the long period of time”

    Governor Yemi Cardoso emphasized that these policies are crucial for long-term economic health.

    Additionally, the collaboration between monetary and fiscal authorities has been pivotal. By working together, they have ensured market liquidity and enhanced the overall stability of the naira.

    Cardoso’s remarks underscore the importance of sustained efforts in economic reforms and diversification to support this stability.