Nigerian governor declares fixed exchange rates are over

Cardoso says central bank plans to move to an inflation-targeting regime

Central Bank of Nigeria
The Central Bank of Nigeria
Wikimedia/Commons/Godwin Paya

Nigeria’s central bank governor said he was determined to keep the country’s currency off a fixed exchange rate system.

“It is not our intention to defend the naira,” Central Bank of Nigeria governor Olayemi Cardoso told the International Monetary Fund and World Bank’s spring meeting on April 17. 

Cardoso became governor in September 2023 after being nominated by newly-elected president Bola Tinubu, who had forced out his predecessor.

The new governor quickly began reversing many of his predecessor

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