Deputy governor of the Central Bank of Nigeria (CBN), Muhammad Abdullahi, has disclosed plans by the regulator to launch a new foreign exchange (FX) manual aimed at attracting inflows and strengthening stability in the currency market.
He made this known on Tuesday at the Nigeria Development Update (NDU) event hosted by the World Bank in Abuja.
According to him, the framework is part of ongoing efforts to deepen transparency and improve the functioning of Nigeria’s FX market.
“We are going to be launching a new foreign exchange manual to ensure that we’re opening up all the doors for more inflow,” Abdullahi said.
Abdullahi further explained that recent reforms have reduced the need for heavy interventions in the FX market, allowing market forces to play a more active role in price discovery.
“Nigeria has not had to spend heavily to stabilise its currency… the pricing is transparent, it’s credible, and we’re allowing the market to determine the cost,” he said.
Abdullahi added that the apex bank remains focused on sustaining macroeconomic stability, describing it as a prerequisite for long-term growth.
Also speaking, Wale Edun, minister of finance and coordinating minister of the economy, said Nigeria is in a stronger position to withstand global shocks despite rising inflationary pressures linked to the Middle East crisis.
Edun said reforms implemented under President Bola Tinubu have improved resilience in the economy, ensuring steady fuel supply and reducing the risk of disruptions seen in other countries.
The minister also said the government is balancing potential gains from higher oil prices with rising costs, noting that inflationary pressures across energy and food supply chains remain a concern.
