‘Expect Increases Here And There’ – CBN Governor Speaks On Dollar To Naira Exchange Rate
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has told Nigerians to expect the Naira to continue strengthening against the United States Dollar and other foreign currencies.
According to him, the CBN is doing everything possible for the country to have a stable exchange rate.
Cardoso disclosed that the naira has begun strengthening in the foreign exchange market and the apex bank is working to ensure that the exchange rate finds its adequate price discovery level.
Naija News reports the CBN Governor made the submission on April 20 during a press conference held at the annual meetings of the International Monetary Fund (IMF) and World Bank Group.
“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’ve reported yesterday, from what I gather, the naira has begun strengthening overnight,” he said.
“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.”
Cardoso added that the target of the CBN is to double the current inflow of diaspora remittances.
According to him, though the target may appear ambitious, he is confident that the country will be able to accomplish it.
The CBN Governor said Nigeria will continue to engage investors in discussions centred on the state of the reforms implemented so far as they are stakeholders in the process.
He also said there has been positive response from foreign portfolio investors (FPI).
“They’re 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,” he said.
“The response from the foreign portfolio investors has been very positive and it shows in the numbers and we expect from what the reactions that we got during the course of the past few days, that positive sentiment will continue to improve.”
