The Central Bank of Nigeria (CBN) governor, Yemi Cardoso has disclosed that the Nigerian currency, Naira is undervalued, but that the bank will work towards real price discovery in the foreign exchange market within the year.
Mr. Cardoso stated this while delivering the keynote address at the Nigeria Economic Group outlook for 2024 via video conference.
According to Cardoso, the apex bank will execute inflation-taming policies through monetary policy instruments and collaboration with the fiscal side of the economy which is the Ministry of Finance.
He also promised to shrine discipline in the forex market and promptly address any infractions and abuses.
“We believe that the naira is currently undervalued, And coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term. This coordinated approach will contribute to a more balanced and stable exchange rate”