The Deputy Governor of the Central Bank of Nigeria, Muhammad Abdullahi, announced that the regulator will soon roll out a new foreign exchange manual designed to boost inflows and enhance stability in the currency market.

Speaking on Tuesday at the Nigeria Development Update event hosted by the World Bank in Abuja, Abdullahi said the initiative is part of the CBN’s efforts to increase transparency and strengthen the operations 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.

He added that recent reforms have lessened the need for extensive CBN interventions in the FX market, enabling market forces to take a greater role in determining exchange rates.

“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 further emphasized that the central bank remains committed to maintaining macroeconomic stability, calling it essential for achieving long-term economic growth.

” We’ve been on a solid disinflation journey for over a year and the target, of course, is to get to single-digit inflation,” he said.

“We’ve been on a solid disinflation journey for over a year and the target, of course, is to get to single-digit inflation,” he said.

“Fifteen percent inflation is still high… we are strictly working every day to ensure that we’re able to get inflation down, because that’s the biggest tax to the poor.”

In his speech, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that Nigeria is better positioned to absorb global shocks, even as inflationary pressures rise due to the ongoing Middle East crisis.

Edun noted that reforms introduced under President Bola Tinubu have strengthened the economy’s resilience, securing a steady fuel supply and mitigating the risk of disruptions that have affected other nations.

“The way we are going to substantially lift millions of Nigerians out of poverty is by investment,” Edun said.

In his remarks, World Bank Country Director for Nigeria, Mathew Verghis, said reforms introduced since mid-2023 are starting to show positive effects, including moderating inflation and stronger external balances.

He cautioned, however, that inflation continues to pose a significant risk to household welfare.