The Central Bank of Nigeria (CBN) has unveiled a new set of monetary policies aimed at stabilizing the naira and attracting foreign investment amid ongoing inflationary pressures and currency fluctuations.
In a press briefing held at the CBN headquarters in Abuja, Governor Fatima Yusuf announced a multi-phase strategy that includes:
- Unified exchange rate system to reduce disparity between official and parallel markets.
- Interest rate adjustment to curb inflation, now standing at 18.7%.
- A $1 billion foreign investment guarantee program focused on manufacturing and renewable energy sectors.
- Enhanced support for small and medium enterprises (SMEs) through subsidized loans.
“The Nigerian economy remains resilient,” Yusuf said. “With these reforms, we are creating a more transparent and investor-friendly financial environment.”
Analysts have responded cautiously but positively. Economic strategist Bayo Olatunji noted, “If implemented properly, this could signal the beginning of real economic stabilization. However, market trust must be rebuilt.”
Local businesses welcomed the SME support measures, while importers and exporters are watching closely to see how the new exchange rate system affects trade costs.
The reforms come as Nigeria works to recover from pandemic-era setbacks, fluctuating oil revenues, and external debt servicing challenges. International observers from the IMF and World Bank have expressed guarded optimism about the move.
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