The Central Bank of Nigeria (CBN) has reiterated its commitment to stabilizing the foreign exchange market by identifying and eliminating individuals and businesses engaged in activities that weaken the naira.
CBN Governor, Olayemi Cardoso, made this clear in a statement released yesterday following the February 2025 Monetary Policy Committee (MPC) meeting. He emphasized the need for strict monitoring of the forex market to prevent practices that could undermine investor confidence and economic stability.
This comes as the naira slightly depreciated at the official exchange market, closing at ₦1,532.39/$ on Tuesday, compared to ₦1,531.19/$ on Monday, marking a 0.08% decline. However, the Bureau De Change (BDC) segment remained stable at ₦1,570/$, showing steady demand for dollars in the informal market.
Cardoso highlighted recent CBN reforms aimed at improving transparency and efficiency in the forex market, including the launch of the Electronic Foreign Exchange Matching System (B-Match) and the Nigeria Foreign Exchange Code. He noted that these initiatives have helped strengthen the naira by attracting foreign investment and increasing liquidity.
During the MPC meeting, members reviewed the impact of these policies on inflation and economic growth, maintaining the Monetary Policy Rate (MPR) at 27.50%. The committee acknowledged that tighter monetary policies and forex reforms were gradually easing inflationary pressures.
Despite these improvements, Cardoso stressed that continued vigilance and strict regulation are necessary to ensure long-term stability in the forex market. He also pointed out that aligning fiscal and monetary policies, alongside institutional reforms, remains key to Nigeria’s economic recovery and resilience.