Speaking at the World Bank/IMF Spring Meetings in Washington DC, recently, the Central Bank of Nigeria’s Governor, Yemi Cardoso, has addressed the persistent fluctuations in the foreign exchange (FX) rate, stressing that the fluctuations would be resolved with time.
Cardoso assured Nigerians while he affirmed that the CBN is dedicated to achieve a stable exchange rate. According to him, active measures being taken presently toward this goal.
Recent reports showed a strengthening of the naira overnight which illustrates the FX market’s dynamic nature. Cardoso who spoke about the CBN’s efforts to address this, stated that the bank’s goal is to double the flow of diaspora remittances into the country. Though an ambitious one, he expressed confidence in Nigeria’s capability to achieve it.
Regarding foreign portfolio investors (FPI), Cardoso reported that their response to recent developments was positive. He stressed that it is importance to continuously engage with investors, and provide them with updates on the ongoing reforms.
The Governor observed that the positive sentiment from FPIs is reflected in the numbers, and he anticipates this sentiment will continue to improve based on recent interactions.
He further assured that a stable exchange rate will be achieved, as the process ongoing and marked by both challenges and progress.