Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN), says the apex bank is pleased with the progress it has made in stabilising the naira.
Cardoso, who spoke in an interview with Bloomberg TV on Tuesday, said he believes the excessive volatility may be a thing of the past.
According to him, the financial regulator will continue to work hard, adding that it is a work in progress.
“I do believe that we have more or less seen the worst in terms of volatility.
“We are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that can be accomplished using certain tools,” he said.
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Cardoso further said reviving confidence in the naira is crucial for Nigeria to lure investors.
“We’re relatively pleased with where we are,” Cardoso added.
Acknowledging that the Central Bank needs to do more, he noted that “it’s continuous work in progress.”
“And we will do everything possible to ensure that we continue to manage the macroeconomic fundamentals that affect that,” he said.
Since the beginning of June, the naira has been trading in a narrow range between N1,473 and N1,490 per dollar at the official market.
However, the naira fell to N1,500/$ on Tuesday – from N1,488 traded on June 24.
