Naira Dollar exchange
The Central Bank of Nigeria on Tuesday assured Nigerians that it has adopted some strategies to address the situation of dollar scarcity.
CBN also lamented the high cost of living in Nigeria, noting that the nation’s economy is now better than the stage President Bola Tinubu met when he took over from Muhammadu Buhari on May 29, 2023.
These were the words of the apex bank Governor, Yemi Cardoso, at the resumption of the sectoral debate series organised by the House of Representatives on Tuesday.
He said, “To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the foreign exchange markets. These include unifying foreign exchange market segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs, enforcing the Net Open Position limit, and adjusting the remunerable Standing Deposit Facility cap.”
While acknowledging the challenges threatening the economy, the CBN boss said, “I want to emphasize that we are now at a turning point, and the bold reforms underway across different segments of the economy, though initially challenging, are aimed at addressing these challenges sustainably.
“I am confident that positive outcomes are already emerging and will become more apparent in the near future. The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy.
