The Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso, has reaffirmed its commitment to maintaining stability in the foreign exchange (FX) market by identifying and eliminating entities whose activities undermine the naira’s value.
In his personal remarks at the February 2025 Monetary Policy Committee (MPC) meeting, Cardoso emphasized the necessity of stringent regulatory oversight and transparency to ensure the efficient operation of the FX market, which is crucial for achieving price stability and controlling inflation.
Recent data indicates that the naira experienced a slight depreciation in the official FX market, closing at ₦1,532.39 per US dollar on Tuesday, down from ₦1,531.19 on Monday.
This marginal decline of 0.08% suggests relative stability despite minor fluctuations, reflecting ongoing volatility within a narrow band as the market adjusts to recent reforms and shifting demand-supply dynamics. ​
In the Bureau De Change (BDC) segment, the exchange rate remained steady at ₦1,570 per US dollar over the same period, indicating stable demand for physical dollars in the informal market. This steadiness persists even as the CBN intensifies its surveillance and intervention strategies across various FX windows. ​
The CBN has implemented several measures to stabilize the naira and enhance FX reserves. Notably, the bank lifted the 2015 restriction that barred 41 items from accessing FX at the official market, aiming to boost trade and investment. Additionally, the CBN plans to automate foreign currency trades starting in December, replacing the current over-the-counter system to enhance transparency and eliminate market distortions.
