The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, reiterated the apex bank’s commitment to achieving a stable foreign exchange (FX) rate. Cardoso outlined the CBN’s efforts to ensure that the exchange rate aligns with its adequate price discovery level.
Addressing reporters, Cardoso acknowledged the likelihood of fluctuations in the exchange rate but emphasized the CBN’s determination to maintain stability.
All the different measures we have taken to boost reserves and create more liquidity in the markets have started to pay off.
“When people understand the real issues and see a strategy and a plan, things tend to calm down. Our objective today is to ensure that the market has supply, that the market functions, and that investors can come in and go out.”
It was reported that he noted recent signs of the naira strengthening overnight, indicating progress in the bank’s endeavors.
Furthermore, Cardoso expressed optimism regarding the appreciation of the local currency against foreign counterparts. He indicated that the CBN aims to double diaspora remittances, despite acknowledging the ambitious nature of the target. However, Cardoso conveyed confidence in Nigeria’s ability to achieve this goal.
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