Market News

The Central Bank of Nigeria (CBN) has said everything possible is being done to achieve a stable foreign exchange (FX) rate.

This was disclosed at the weekend by the CBN governor, Olayemi Cardoso, during a press conference held at the International Monetary Fund (IMF) and World Bank Group annual meetings.

Cardoso also said the CBN is working to ensure that the exchange rate finds its adequate price discovery level.

He said, “Again, to be honest, I think we should expect that there will be increases here and there, ups and downs and even from what you have reported yesterday, from what I gather, the naira has begun strengthening overnight.

“So I think the most important thing to say here is that we are doing everything possible to ensure that we have a stable exchange rate and an exchange rate that finds its adequate price discovery level.”

According to him, the local currency will continue to appreciate against foreign currencies.

On diaspora remittances, Cardoso said the apex bank’s target is to double the present flows, although the target may appear ambitious, but he was optimistic that the country will be able to achieve it.

Cardoso stated that Nigeria will continue to engage investors, discussing the state of the reforms implemented so far, as there has been positive response from foreign portfolio investors (FPI).

He said, “They are part of a process of continuous engagement. And it is so critical that we use any opportunity we can to dialogue with investors and to update them on the state of the reforms that have taken place.”

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