Nigeria’s currency, the Naira, has depreciated by 51.5% against the US dollar in the official market over the past year, coinciding with the first anniversary of Central Bank of Nigeria (CBN) Governor Olayemi Cardoso’s appointment on September 15, 2023.
Despite numerous interventions by the Cardoso-led CBN, the performance of the naira remains concerning.
Data from the FMDQ indicates that the exchange rate plummeted from N747.76 per dollar last year to N1,541.52 per dollar on September 22, 2024.
During this period, the CBN’s Monetary Policy Committee (MPC), under Cardoso’s leadership, raised the monetary policy rate (MPR) four times to 26.75% to combat inflation, which reached 32.15% in August 2024.
The MPC is currently deliberating whether to increase interest rates further or pause for now.
