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April 21, 2024
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Cardoso: We’re striving for stability in FX rates despite challenges

During a joint briefing at the World Bank/IMF Spring Meetings in Washington DC, Yemi Cardoso, the Governor of the Central Bank of Nigeria, addressed the ongoing fluctuations in the foreign exchange (FX) rate, emphasizing that these fluctuations cannot be resolved overnight. He acknowledged that the market will continue to experience ups and downs.

However, Cardoso sought to reassure Nigerians by stating that the CBN is committed to achieving a stable exchange rate and is actively taking measures to reach this goal.

He noted that recent reports indicated a strengthening of the naira overnight, highlighting the dynamic nature of the FX market.

Speaking optimistically about the CBN’s efforts, Cardoso mentioned that the apex bank is aiming to double the current flows of diaspora remittances into the country. While acknowledging that this target may seem ambitious, he expressed confidence in Nigeria’s ability to achieve it.

Regarding foreign portfolio investors (FPI), Cardoso described their response to recent developments as positive. He emphasized the importance of continuous engagement with investors, providing updates on ongoing reforms.

The Governor noted that the positive sentiment from FPIs is reflected in the numbers, and he anticipates this sentiment will continue to improve based on recent interactions.

In summary, Cardoso emphasized that achieving a stable exchange rate is an ongoing process, marked by both challenges and progress, and reiterated the CBN’s commitment to this goal.

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