CBN Governor assures investors of tackling foreign exchange

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has provided reassurance that the CBN is actively addressing the foreign exchange shortage within the country through its operations.

He mentioned that his team is committed to rectifying any identified distortions and creating a favourable environment for various types of investors in the Nigerian economy.

Olayemi Cardoso highlighted his intention to officially present his agenda for the monetary and financial sector in the upcoming days. He emphasized the significance of maintaining credibility and transparency in the execution of the CBN’s monetary policy.

In pursuit of this goal, he expressed the bank’s commitment to enhancing its data collection system, emphasizing the importance of relying solely on verifiable data for making evidence-based decisions.

“The CBN will also adhere to rules that are known, acceptable and transparent for the conduct of monetary policy” he said.

Expanding on the topic of liquidity management, he explained that his team’s immediate objective is to tackle the underlying structural issues within the financial system that initially led to the liquidity challenge.

Regarding the interaction between the monetary and fiscal authorities, he affirmed a commitment to maintaining consensus between both bodies to align their stances on interest rates and inflation.

Nevertheless, he underscored the bank’s willingness to consider diverse perspectives as it strives for increased transparency.

Olayemi Cardoso clarified that the central bank’s role would be to offer strategic policy support to vital sectors of the economy, recognizing that expertise in these areas resides within other relevant agencies, which will take the lead.

During their statements, the group of investors, led by Ireti Samuel-Ogbu, expressed their purpose of visiting the CBN, which was to explore avenues for enhancing cooperation to increase foreign investment in Nigeria. They also underscored the importance of upholding the CBN’s independence and the necessity of expanding the country’s foreign exchange reserves.