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The International Monetary Fund has reported that Nigeria's currency, the naira, is showing signs of stability due to recent interest rate hikes and the clearing of foreign exchange backlogs by the Central Bank of Nigeria .
On March 20, the CBN announced that it had settled all verified outstanding foreign exchange obligations, though an unverified amount of $2.4 billion remains under investigation. Most recently, on September 24, the CBN’s monetary policy committee raised the interest rate by 50 basis points, bringing it to 27.25 percent.
Tobias Adrian, the IMF’s financial counsellor and director of monetary and capital markets, praised the CBN’s efforts to stabilize the naira and control inflation.
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