Nigeria’s currency – the Naira – depreciated by 51.5 percent against the dollar at the official market in the last year under Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso.
The misfortune came against the backdrop of Cardoso’s one year in office following his appointment on September 15, 2023.
The performance of the Naira against the dollar in the foreign exchange market is far from impressive despite multiple interventions by the Cardoso-led CBN.
For instance, data from the FMDQ indicate that the Naira dropped from N1,541.52 per dollar on September 22, 2024 from N747.76 recorded in the corresponding period last year.
Within the period, the Monetary Policy Committee (MPC) led by Cardoso raised the monetary policy rate (MPR) four times to 26.75 percent to combat inflation, which stood at 32.15 percent in August 2024.
The MPC is currently meeting to decide on whether to hike interest or pull the breaks.
Meanwhile, the CBN has announced that the country’s external reserves hit a 22-month high of $37.39 billion as of September 19, 2024.
Despite, the policies initiated by the Cardoso-led CBN, Nigerians have continued to groan under the harsh economic conditions occasioned by high prices of food and spiraling energy costs.