CBN governor Cardoso says naira needs competition and market pricing, not artificial support
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Nigeria's central bank held rates at 26.5% and maintained tight liquidity settings, reiterating a market-driven FX regime for the naira as inflation shows only marginal improvement and food prices remain elevated. The IMF's view that the naira is still materially undervalued highlights ongoing currency adjustment risk. Escalating Middle East conflict is flagged as the key external shock via higher energy prices and imported inflation.
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Nigeria’s central bank kept its Monetary Policy Rate at 26.5% and maintained the Cash Reserve Ratio at 45%, saying the naira should be determined by market forces rather than propped up. The IMF has assessed the naira as still about 25.6% undervalued versus economic fundamentals. Headline inflation edged down to 15.91% in June, while food inflation rose to 17.52%. The central bank flagged escalating conflict in the Middle East as the biggest external risk, warning it could lift energy prices and feed into domestic inflation.
