CBN Governor Clarifies Role in Foreign Exchange Rate Determination

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has emphasized that the apex bank does not set the foreign exchange rate, which is instead influenced by economic fundamentals. Speaking at the launch of the Nigeria Development Update in Abuja, Cardoso reaffirmed his commitment to traditional central banking principles.

“The CBN does not determine the exchange rate; it is determined by the fundamentals. The CBN will ensure that we adhere to that,” he stated.

Cardoso expressed optimism that enhanced collaboration with fiscal authorities would contribute to greater stability in the exchange rate. He also highlighted efforts to boost foreign exchange inflows into the Nigerian economy, noting, “When we started, FX inflows were about $200 million, but through sheer determination, we now record $600 million.”

Additionally, he remarked on the improving investor confidence in Nigeria, stating, “Previously, many potential investors were on the sidelines. Now, it’s remarkable to see how many have stepped forward to invest in Nigeria.”

Written By; Christopher Emuakpeje

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