CBN’s committee blames volatility in FX market on seasonal demand for dollar

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has attributed the recent volatility in the foreign exchange market, leading to the depreciation of the Naira against the dollar, to "seasonal demand" for the greenback.

Yemi Cardoso, the CBN Governor, speaking on behalf of the committee during the MPC meeting on Tuesday, stated that such volatility is typical in any functioning foreign exchange market globally.

Cardoso emphasized the CBN's commitment to maintaining a transparent FX market through a willing-buyer, willing-seller model. He noted that the depreciation is simply a reflection of the interplay between demand and supply.

Category:

Banking and finance 

Writer:

Abubakar Idris

Location:

Nigeria