CBN Governor Assures Nigerians of Continued Naira Strengthening

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has assured Nigerians of the continued strengthening of the Naira against the United States Dollar and other foreign currencies. He stated that the CBN is working tirelessly to maintain a stable exchange rate.

Cardoso made this declaration during a press conference held at the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20.

He acknowledged that the Naira has already started strengthening in the foreign exchange market and emphasized the CBN’s commitment to ensuring that the exchange rate reaches an appropriate price discovery level.

“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,” Cardoso stated.

He further disclosed that the CBN’s target is to double the current inflow of diaspora remittances, expressing confidence that this ambitious target can be achieved.

Additionally, Cardoso emphasized the importance of engaging with investors to keep them informed about the ongoing reforms in the country.

“We use any opportunity we can to dialogue with investors and to update them on the state of the reforms that have taken place. The response from the foreign portfolio investors has been very positive, and it shows in the numbers,” he said.

Cardoso expressed optimism that this positive sentiment from investors will continue to improve.