The Nigerian central bank’s decision not to hold its monetary policy committee this week has deepened uncertainty over how its new governor plans to tackle the currency crisis in Africa’s biggest economy. It was the second time the meeting failed to take place since Yemi Cardoso took office in September. It also comes against a backdrop of chronic dollar shortages that have pushed down the value of the naira and driven galloping inflation. The lack of a monetary policy meeting is, on the face of it, not a big deal. But the truth is that investors like certainty. A clear sense of a plan and what’s being done to tackle problems would help international investors and foreign businesses put off by fears that currency fluctuations would make it hard for them to repatriate their profits.
Doubt Still Looms Over Nigerian Currency
- AFRICA TOP 10
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