{"id":110828,"date":"2024-04-21T04:03:41","date_gmt":"2024-04-21T08:03:41","guid":{"rendered":"https:\/\/africatodaynewsnewyork.com\/?p=110828"},"modified":"2024-04-21T04:03:41","modified_gmt":"2024-04-21T08:03:41","slug":"naira-currently-best-performing-currency-globally-cbn-boasts","status":"publish","type":"post","link":"https:\/\/africatodaynewsnewyork.com\/2024\/04\/21\/naira-currently-best-performing-currency-globally-cbn-boasts\/","title":{"rendered":"Naira Currently Best Performing Currency Globally, CBN Boasts"},"content":{"rendered":"

The Governor of the Central Bank of Nigeria<\/a> (CBN), Yemi Cardoso has asserted that the FX reforms undertaken by the apex bank is what has made the naira the best-performing currency globally.\u00a0<\/strong><\/p>\n

Nigeria\u2019s currency lost massively against major currencies in the past few months.<\/p>\n

But Cardoso who spoke on Saturday in a briefing on the sidelines of the just-ended World Bank\/IMF Spring Meetings in Washington DC, United States, said the CBN\u2019s foreign exchange reforms are paying off.<\/p>\n

\u201cApril saw the naira emerge as the best-performing currency globally, supported by bullish sentiment from leading international investment institutions,\u201d he said.<\/p>\n

\u201cOur FX market is experiencing robust activities with turnover reaching levels not seen in over seven years.<\/p>\n

\u201cThis liquidity boost instills confidence among investors, businesses, and other partners, ensuring fluidity in their interactions with Nigeria\u2019s FX markets.\u201d<\/p>\n

Read Also: <\/strong>Crash Expected As CBN Sells $10,000 To BDCs At \u20a61,101\/$<\/a><\/em><\/p><\/blockquote>\n

But the CBN chief is not carried away by this and is well aware of the challenges facing the nation\u2019s economy including the rising inflation rate.<\/p>\n

\u201c<\/em>However, we remain vigilant, recognizing the challenges that persist, such as elevated inflation driven by rising food prices, transportation costs, and energy expenses. We note that inflation though rising is doing so at a decelerated rate and we are confident will soon commence a fall,\u201d Cardoso said.<\/p>\n

\u201cSecurity concerns in food-producing regions and infrastructure challenges also demand attention.<\/em><\/p>\n

\u201cThe CBN has implemented a number of policy reforms to address some of these various pressures and, while I am confident enough today to talk about some of our early success, I am at the same time extremely mindful of our ongoing challenges.<\/em><\/p>\n

\u201cWe still have work to do in solving all our problems, however, we do have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with our key stakeholders including investors, banks, businesses, and, notably, our counterparts on the fiscal side.\u201d<\/p>\n

Africa Today News, New York<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso has asserted that the FX reforms undertaken by the apex bank is what has made the naira the best-performing currency globally.\u00a0 Nigeria\u2019s currency lost massively against major currencies in the past few months. But Cardoso who spoke on Saturday in a briefing on the […]<\/p>\n","protected":false},"author":9,"featured_media":110857,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[6928],"tags":[20548,15304,25247],"class_list":["post-110828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feature","tag-central-bank-of-nigeria-cbn","tag-world-bank","tag-yemi-cardoso","pmpro-has-access"],"yoast_head":"\nNaira Currently Best Performing Currency Globally, CBN Boasts<\/title>\n<meta name=\"description\" content=\"The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso has asserted that the FX reforms undertaken by the apex bank is what\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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