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Nigerian Govt Spends U.S. $8 Billion To Stabilize Local Currency

The Nigerian government has taken steps to prevent further depreciation of the Naira by infusing more than U.S. $8 billion into the economy. This has led to the strengthening of the local currency across the foreign exchange market. Economists have, however, warned that the Naira's appreciation could be "temporary", urging policymakers not to get "carried away".

The country experienced one of its worst economic crises in 2024, which led to nationwide protests against the high cost of living.

InFocus

CBN / Ehud Kaduna

The Central Bank of Nigeria in Abuja.

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