By Chika Amanze-Nwachuku in Washington D.C.,USA
The International Monetary Fund (IMF), has commended the Central Bank of Nigeria’s policies, saying Naira is showing signs of stability because of the policies put in place by the apex bank led by Olayemi Cardoso.
The Washington-based Fund made the observation in its global financial stability report launched during a press briefing at the ongoing World Bank/IMF meetings holding in Washington DC.
Such policy actions by the CBN, according to the IMF, include rate hikes and the clearing of overdue domestic central bank foreign exchange obligations, which have help d to strengthen the Naira.
“Policy actions by local authorities have also resulted in positive developments; for example, in Nigeria, rate hikes and the clearing of overdue domestic central bank foreign exchange obligations have helped the naira show more signs of stability,” the report said.
The apex bank has put series of measures in place to help tame the inflation and stabilize the economy. It also cleared backlogs of foreign exchange payments to foreign airlines.