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CBN promises ”strategic” support to strengthen naira - RADIO NIGERIA
The Central Bank of Nigeria (CBN) says it is intervening to support the naira for strategic reasons.
The Governor of the CBN, Yemi Cardoso made this known at the ongoing IMF/World Bank Spring meetings in the United States.
Cardoso who featured on ”The ‘Governor Talks” series of the meeting, said there were signs that inflows to the foreign reserves, with about six hundred million dollars received in the last couple of days, a situation which will strengthen the position of the local currency.
The CBN Governor said once its policies began to crystallize, the naira would be in a position to remain strong in a ‘willing buyer, willing seller ‘ environment.
He said the CBN was also improving its collaboration with the fiscal authorities to ensure that its inflation targeting policies were effective.
While calling for the support of Nigerians, the CBN Governor said the Bank had become more strategic in its communication to ensure a better understanding of its policies and the intended outcome.
Following a 12% rally in April, the Nigerian Naira is now the best performing currency in the world, according to a Goldman Sachs analyst.
Writing by Biodun Dare; Editing by Oluwaseyi Ajibade
