CBN Reports Naira Depreciation Against Dollar During Cardoso’s Tenure

CBN Reports Naira Depreciation Against Dollar During Cardoso’s Tenure....KINDLY READ THE FULL STORY HERE▶

Nigeria’s currency, the Naira, has depreciated by 51.5 percent against the dollar in the official market over the past year under Central Bank of Nigeria (CBN) Governor Olayemi Cardoso…..CONTINUE READING 

This decline coincides with Cardoso’s one-year anniversary in office, having been appointed on September 15, 2023. The Naira’s performance against the dollar in the foreign exchange market has been disappointing, despite multiple interventions from the Cardoso-led CBN.

Data from the FMDQ indicates that the Naira fell from N747.76 per dollar on September 22, 2023, to N1,541.52 per dollar on September 22, 2024. During this period, the Monetary Policy Committee (MPC), under Cardoso’s leadership, raised the monetary policy rate (MPR) four times, bringing it to 26.75 percent in an effort to combat inflation, which reached 32.15 percent in August 2024. The MPC is currently deliberating on whether to further increase interest rates or pause the hikes.

Additionally, CBN data reveals that the country’s external reserves hit a 22-month high of $37.39 billion as of September 19, 2024. Despite the policies implemented by the Cardoso-led CBN, many Nigerians continue to face harsh economic conditions marked by rising food prices and escalating energy costs.

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