Thursday,
October 17, 2024 - The Governor of the Central Bank of Nigeria (CBN),
Yemi Cardoso, has said that the apex bank does not determine the foreign
exchange rate.
The CBN
boss stated this at the launch of the Nigeria Development Update in Abuja on
Thursday, October 17. He said the FX rates are only determined by economic
fundamentals.
“The CBN
does not determine the exchange rate; it is determined by the fundamentals. The
CBN will ensure that we adhere to that.”
Cardoso
expressed confidence that strengthening collaboration with fiscal authorities
would lead to more stability in the exchange rate.
He
also highlighted efforts to increase foreign exchange inflows into the Nigerian
economy.
“When we
started, FX inflows were about $200 million, but through sheer determination,
we now record $600 million.”
Cardoso
also pointed out that many investors now find Nigeria attractive and are coming
in to invest in the economy.
“Before,
many potential investors were on the sidelines. Now, it’s amazing to see how
many have stepped forward to invest in Nigeria.” he said
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