'There'll be ups and downs' -- CBN says its working to stabilise naira

The Central Bank of Nigeria says it is doing everything possible to achieve a stable foreign exchange rate.

Yemi Cardoso, CBN governor, spoke on April 20 during a press conference held at the annual meetings of the International Monetary Fund and World Bank Group. He said the financial regulator is also working to ensure that the exchange rate finds its adequate price discovery level. “Again, to be honest, I think we should expect that there will be increases here and there, ups and downs and even from what you’ve reported yesterday, from what I gather, the naira has begun strengthening overnight,” he said.“So I think the most important thing to say here is that we are doing everything possible to ensure that we have a stable exchange rate and an exchange rate that finds its adequate price discovery level.

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