CBN Foresees Stability in FX as External Reserves Rise to $43bn
The Central Bank of Nigeria (CBN) has predicted stability in foreign exchange market this year.
The apex bank said this would be so since the US Federal Reserve has promised not to raise interest rate in the near future.
The CBN Director of Development Finance, Mr. Mudashiru Olaitan, said the stability being enjoyed in foreign exchange has boosted Nigeria’s external reserves to $43 bn.
Olaitan said it was a good development that the US Foreign Reserves will not raise rates, saying it is favourable to emerging economies.
He told newsmen in Abuja, “So, when we already have stability in our foreign exchange market, that is good news that is going to help stability” .
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