Nigeria’s central bank to take action to stabilize currency

Nigeria’s central bank plans to take measures to stabilize its currency in the coming days, its acting governor said on Monday.

Acting governor Folashodun Shonubi met with President Bola Tinubu to discuss ways to improve dollar liquidity on the official market. The bank has already committed $19 billion to derivatives in 2022, nearly the size of the country’s reserves.

Africa’s largest economy is looking to shore up its reserves and stem the fall of its currency, which has hit record lows on the black market. Shonubi did not disclose the measures the central bank plans to take, but he said they would be “significant”.

The central bank’s move comes as Nigeria faces a number of economic challenges, including rising inflation and a decline in oil prices. The country’s currency, the naira, has lost about half of its value against the dollar in the past year.

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