CBN Implements Measures to Unify Naira Exchange Rates Amidst Decline

The Federal Ministry of Finance, Central Bank of Nigeria (CBN), and EFCC are collaborating to stabilize the Nigerian naira amidst its decline. Recent meetings between officials underscore their commitment to aligning monetary and fiscal policies while enforcing financial regulations.

The CBN has issued directives to banks and IMTOs to address forex market distortions, leading to a convergence of exchange rates. Additionally, changes in the Cash Reserve Requirement system aim to boost lending and stabilize the currency. However, challenges persist due to political influences on forex flow and corruption.