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During a press briefing on the sidelines of the recently concluded World Bank/IMF conference in Washington DC, United States, Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, shed light on the factors behind the Naira’s remarkable resurgence, catapulting it to the status of the world’s best-performing currency in April 2024.
Cardoso attributed this achievement to a series of strategic reforms implemented in the foreign exchange market, coupled with positive sentiments from prominent international investment institutions.
In March, the Naira faced significant challenges, plummeting to as low as N1,600 against the US dollar on the official market and N1,800 on the parallel market, marking a low point for the currency.
However, April saw a remarkable turnaround, with the Naira gaining an impressive 45% within the month, signaling a swift and substantial recovery.
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