Full List Of Key Policies Taken By CBN To Stabilise The Naira

Full List Of Key Policies Taken By CBN To Stabilise The Naira

The Central Bank of Nigeria (CBN), under the leadership of Governor Yemi Cardoso, has implemented several policies and reforms aimed at stabilizing the naira and restoring its fair value. These measures have led to the rebound of the local currency from 1,900/dollar recorded in late February to nearly 1,200/dollar on Tuesday at the parallel market……READC ALSO Minister Lists ASUU’s Demands Already Met By Nigerian Government

Key reforms include:

1. Unification of exchange rate windows
2. Liberalization of the FX market
3. Clearance of FX backlog obligations for banks and airlines
4. Implementation of a Price Verification System
5. Imposition of limits on banks’ Net Open Positions
6. Removal of the daily cap on the remunerable Standing Deposit Facility
7. Overhaul of the Bureau De Change segment

Specific actions taken by the CBN include selling FX to BDC operators at lower rates, investigating questionable foreign exchange allocations and forward contracts, and directing banks to stop using foreign currencies as collateral for naira loans within 90 days.

These efforts are part of the CBN’s strategy to address distortions in the foreign exchange market and combat actions undermining economic reform efforts.

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