The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has attributed the recent volatility in the foreign exchange market leading to the recent depreciation of the Naira against the dollar to “seasonal demand” for the greenback.
The CBN Governor, Yemi Cardoso, speaking on behalf of the committee during the Monetary Policy Committee (MPC) meeting on Tuesday, stated that such volatility is observable in any functioning foreign exchange market globally.
According to Cardoso, the CBN is committed to maintaining a transparent FX market through a willing-buyer, willing-seller model, noting that the depreciation is merely a reflection of the interplay between demand and supply.