According to the Central Bank of Nigeria (CBN), efforts are being made by the top bank to attain a steady foreign exchange (FX) rate.
This was said by CBN governor Yemi Cardoso at a news conference held in conjunction with the World Bank Group and International Monetary Fund (IMF) annual meetings.
According to Cardoso, efforts are being made by the financial regulator to guarantee that the exchange rate reaches a suitable level of price discovery.
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In his words, “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, 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.”
Although Cardoso acknowledged that the goal might seem lofty, he was certain that the nation could achieve it.
He also revealed that foreign portfolio investors (FPI) have responded favourably.
“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.
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“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,” he added.
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