Nigeria's Central Bank floats Naira, raises MPR to 27.25% for exchange rate alignment and inflation control.

Olayemi Cardoso, Governor of Nigeria's Central Bank, explained the decision to float the Naira and raise the Monetary Policy Rate to 27.25% as essential for aligning the official exchange rate with market realities and controlling inflation. He emphasized the need for transparency and trust in the financial system through initiatives like the Electronic Foreign Exchange Matching System. Cardoso believes these measures are vital for long-term stability and recovery.

October 06, 2024
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