Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN), reiterated the apex bank’s dedication to attaining a stable foreign exchange (FX) rate during a press conference held at the annual meetings of the International Monetary Fund (IMF) and World Bank Group.
Cardoso emphasized that the CBN is diligently working to ensure that the exchange rate reaches its appropriate price discovery level, aiming for stability amidst fluctuations.
“In all honesty, we should expect fluctuations, ups and downs in the exchange rate. However, recent indicators suggest a strengthening of the naira overnight. Our primary focus is to maintain a stable exchange rate and ensure that it aligns with its true value,” Cardoso stated.
Furthermore, Cardoso expressed confidence in the appreciation of the local currency against foreign currencies, affirming that the CBN is committed to fostering an environment conducive to such growth.
Regarding diaspora remittances, Cardoso outlined the CBN’s ambition to double the current flow, acknowledging the target’s ambitious nature but remaining optimistic about achieving it.
In discussions with investors, Cardoso highlighted the positive response received from foreign portfolio investors (FPI), indicating a growing confidence in Nigeria’s economic reforms.
“Our engagement with investors is pivotal, and we continuously update them on the progress of implemented reforms. The positive feedback from foreign portfolio investors reflects their confidence in our efforts. We anticipate this sentiment to further improve,” Cardoso added.
