The Nigerian economy recorded its fastest growth in about a decade in the fourth quarter of 2024 on the back of key reforms, especially the exchange rate reforms instituted by the Central Bank of Nigeria (CBN).
The World Bank says Nigeria is also making strides in restoring macroeconomic stability and helping channel more resources towards human capital, social protection, and infrastructure development. Analysts said CBN’s inflation fighting measures, and transparency instituted in the FX markets are key in achieving lasting macroeconomic stability.
The Washington-based lender tipped exchange rate reforms as one of the key elements that drove Nigeria’s fastest economic growth in 2024 in its latest biannual Nigeria Development Update launched on Monday.