Cardoso Olayemi, the governor of the Central Bank of Nigeria, has stated that the value of the naira has been stable since June 2024, in spite of the challenges in the global and domestic economic landscapes.

Speaking after the 298th meeting of the CBN’s Monetary Policy Committee (MPC) in Abuja on Tuesday, the apex bank's governor stressed that efforts to manage the currency and stabilize prices has yielded great results.

Cardoso further acknowledged that it is essential to address both the value and stability of the naira, drawing a distinction between the two concepts.

While the naira's value is subject to several macroeconomic factors, the CBN’s main goal is to make sure of its stability, which is important for economic planning and growth.

He stated: “The Central Bank of Nigeria is there to provide stability. Stability helps you to plan.

"We do all we can with all the tools available and there are multiple tools including sanctioning those with bad behaviour, a whole host of different things to ensure their stability.

"Now if you look and measure stability between June and now, you find out it has been stable. It has been stable. The currency has been stable.”