The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has said that the increase in exchange rate between the naira and dollar is due to the increase in Nigerian students who study abroad and medical trips embarked on by Nigerians.
Cardoso stated this during the ongoing sectoral debate put together by the House of Representatives on Tuesday in Abuja.
According to Cardoso, the high cost of living still remains a concern, adding that the CBN is working to bring lasting solutions and to bring down the inflation to twenty one point four percent through improved agricultural productivity.
He stated that to address exchange rate volatility, the bank will improve liquidity which will come with temporary economic costs.
“Volume on transactions on our market was over 800 million dollars. The cost of living still remains a concern. The urgency of the matter is not lost on us. We are working to bring lasting solutions. CBN working at bringing down Inflation to 21.4 percent aided by improved agricultural productivity.
“To address exchange rate volatility we will improve liquidity. These come with economic costs, which are temporary.”