CBN Governor Briefs the Joint Committees of the Nigerian Senate

CBN Governor Briefs the Joint Committees of the Nigerian Senate

The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso briefs joint committees of the Nigerian Senate on Friday, February 09, 2024 …says inflationary pressures are expected to decline in 2024 to 21.4% in the medium term, aided by improved agricultural productivity and easing global supply chain pressures.

During the briefing, Mr. Cardoso encouraged Nigerians to moderate their demand for foreign exchange to sustainable levels. He is upbeat about the increased trade volume in the Nigerian foreign exchange market, reaching single-day trade levels of over $800 million.

According to the Governor:

"Every Nigerian has a responsibility to help curb our reliance on foreign products and services. Every contribution, no matter how small, counts."

"We've utilised various strategies to manage rate volatility and are confident that stability will return sooner rather than later."

"The Bank’s measures, aimed at stabilising the exchange rate, have already started yielding early results with significant interest from Foreign Portfolio Investors (FPIs)."

CREDIT /CBN