{"id":122266,"date":"2024-06-26T12:20:30","date_gmt":"2024-06-26T11:20:30","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/despite-slump-to-n1500-1-cardoso-says-worst-of-naira-volatility-over"},"modified":"2024-06-26T13:36:41","modified_gmt":"2024-06-26T12:36:41","slug":"despite-slump-to-n1500-1-cardoso-says-worst-of-naira-volatility-over","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/despite-slump-to-n1500-1-cardoso-says-worst-of-naira-volatility-over","title":{"rendered":"Despite slump to N1,500\/$1, Cardoso says worst of naira volatility over"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>Despite the recent slump by the Naira against the dollar, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) has expressed optimism that the excessive volatility of the naira may be a thing of the past.<\/p>\n

This is even as he disclosed that the apex bank is \u201crelatively pleased\u201d with the progress it has made in stabilising the naira.<\/p>\n

Ripples Nigeria reports that the naira for the second consecutive day this week slumped to N1,500\/$1 on Tuesday, June 25, 2024.<\/p>\n

However, a defiant Cardoso speaking in an interview with Bloomberg TV on Tuesday expressed optimism that the worst may be over.<\/p>\n

\u201cI do believe, I do believe that we have more or less seen the worst in terms of volatility. I believe we\u2019ve seen the worst in volatility. We are happy that the market is now such that willing buyers and willing sellers operate within the market.<\/p>\n

\u201cIn the past two, three weeks, after a period of volatility, we\u2019ve seen a lot of stability within the market. There\u2019s hardly been any movement in the currency.<\/p>\n

\u201cWe feel that a number of things have happened, okay, one of which is the fact that more confidence has come back into the market, a lot of inflows have come back because there was very little liquidity at the time, and potential players within the market, both on the buy and the sell side, are more confident in the future.<\/p>\n

\u201cAnd when I talk about even the buy side, bear in mind the fact that in the past what used to happen was people were panicking and front-loading their requests. Now a lot of that has also calmed down and there\u2019s no inclination to do that because liquidity has come back into the market.<\/p>\n

\u201cWe don\u2019t believe that we\u2019ve got into the, you know, position we want to stay at. It\u2019s continuous work in progress and we will do everything possible to ensure that we continue to manage the macroeconomic fundamentals that affect that market in such a way that it will continue to improve.<\/p>\n

\u201cWe are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that can be accomplished using certain tools. It\u2019s also important to mention though that the monetary and fiscal work closely together.<\/p>\n

\u201cSo, I would only be giving you one picture if I said, you know, the monetary does that, the monetary does something else, but they work very closely together and I believe that complementarity is what will give us the optimum rate for the Naira over a period of time\u201d he said.<\/p>\n

Since the beginning of June, the naira has been trading in a narrow range between N1,473 and N1,490 per dollar at the official market.<\/p>\n

However, the naira fell to N1,500\/$ on Tuesday \u2013 from N1,488 traded on June 24.<\/p>\n

By: Babajide OkeowoBalanced, fearless journalism driven by data comes at huge financial costs.<\/p>\n

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.<\/p>\n

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.<\/p>\n

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.<\/p>\n

For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Despite the recent slump by the Naira against the dollar, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) has expressed optimism that the excessive volatility of the naira may be a thing of the past. This is even as he disclosed that the apex bank is \u201crelatively pleased\u201d with the […]<\/p>\n","protected":false},"author":84,"featured_media":122265,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[11494,1623,254],"class_list":["post-122266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cardoso","tag-naira","tag-nigeria"],"yoast_head":"\nDespite slump to N1,500\/$1, Cardoso says worst of naira volatility over - Nigeria<\/title>\n<meta name=\"description\" content=\"Despite the recent slump by the Naira against the dollar, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/despite-slump-to-n1500-1-cardoso-says-worst-of-naira-volatility-over\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Despite slump to N1,500\/$1, Cardoso says worst of naira volatility over\" \/>\n<meta property=\"og:description\" content=\"Despite the recent slump by the Naira against the dollar, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/despite-slump-to-n1500-1-cardoso-says-worst-of-naira-volatility-over\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T11:20:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-26T12:36:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719392524.285914.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"416\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/despite-slump-to-n1500-1-cardoso-says-worst-of-naira-volatility-over#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/despite-slump-to-n1500-1-cardoso-says-worst-of-naira-volatility-over\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Despite slump to N1,500\/$1, Cardoso says worst of naira volatility over\",\"datePublished\":\"2024-06-26T11:20:30+00:00\",\"dateModified\":\"2024-06-26T12:36:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/despite-slump-to-n1500-1-cardoso-says-worst-of-naira-volatility-over\"},\"wordCount\":586,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/despite-slump-to-n1500-1-cardoso-says-worst-of-naira-volatility-over#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719392524.285914.jpg\",\"keywords\":[\"Cardoso\",\"naira\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/despite-slump-to-n1500-1-cardoso-says-worst-of-naira-volatility-over#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/despite-slump-to-n1500-1-cardoso-says-worst-of-naira-volatility-over\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/despite-slump-to-n1500-1-cardoso-says-worst-of-naira-volatility-over\",\"name\":\"Despite slump to N1,500\/$1, Cardoso says worst of naira volatility over - 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