As Africa's largest economy, Nigeria has been striving to bolster its reserves and halt the depreciation of its currency, which experienced significant declines on the black market within two months of the relaxation of trading restrictions in the official market, without compromising the meaning.
Following a meeting with President Bola Tinubu to examine methods to increase dollar liquidity on the official market, acting central bank governor Folashodun Shonubi said on Monday that the bank will take actions that will have an impact on currency markets in the coming days.
Shonubi said the president was worried about the black market rate serving as a reference rate for domestic use and its influence on inflation, but did not specify what steps were going to be taken.
With his boldest reforms in decades, Tinubu eliminated an expensive fuel subsidy and devalued the naira, sparking interest from foreign investors in the nation, which had been struggling with high inflation and skyrocketing debt-servicing costs.
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