Naira gains at official window, depreciates at parallel market

The daily foreign exchange market turnover was $556.25
million.

On May 23, Olayemi Cardoso, governor of the Central Bank of
Nigeria (CBN), said the pains caused by ongoing monetary and fiscal reforms
will soon be over if Nigerians remain focused on supporting the policies.

 “As the Governor of
the Central Bank of Nigeria, I remain committed to repositioning the bank to
deliver meaningful data-driven and sustainable solutions with a clear positive
impact on the livelihood of all Nigerians,” he said.

“However, addressing these challenges requires the concerted
effort of all stakeholders, especially the monetary and fiscal authorities
working in harmony.”

Cardoso said the CBN will continue to implement bold reforms
to make the economy work for all Nigerians, and the apex bank has started
tightening monetary policy to combat inflationary pressure and produce
favourable outcomes.