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Nigeria’s Currency Reform Creates Investment Opening, Says Bank Chief

Nigerian Central Bank Governor Cardoso is promoting investment opportunities created by recent currency reforms, which led to a 41% naira depreciation in 2023.

Since his appointment in September 2023, the central bank has implemented aggressive measures including an 875 basis point rate hike to 27.5%, cleared forex backlogs, and restructured exchange rate policies.

These reforms attracted over $6 billion in foreign investment last year, with analysts at Deutsche Bank projecting naira stabilization at 1,500 to the dollar.

The bank plans additional reforms in 2024, including new forex codes to ensure market transparency.

Original Source: Bloomberg

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