Nigeria, July 29 -- The Central Bank of Nigeria (CBN) stands at the centre of current forex news because its policymakers are maintaining strict monetary policies to combat inflation and stabilise economic expansion. The apex bank has retained its benchmark policy rate at 27.50 per cent after six substantial rate hikes throughout 2024 because inflation remains elevated, while external factors continue to rise. The decision demonstrates a delicate approach to fighting inflation without damaging the current economic growth.

The inflation rates in Nigeria have reached their highest levels since the 1990s. The combination of fuel subsidy removal and food supply problems and currency value decreases, alongside higher energy prices, pushed con...