The Governor of the Central Bank of Nigeria (CBN) , Yemi Cardoso says the measures taken so far by the apex bank to stabilize foreign exchange (FX) rates have started yielding positive results….CONTINUE READING
He noted that these measures would help to stabilise the foreign exchange rates and minimize the distortion that high exchange has on inflation, as they are closely related.
Cardoso, who disclosed this during a briefing of the Joint Senate Committee on Finance, Banking, Insurance and Financial Institutions on Friday, said that $1 billion has come into the Nigerian market in the past few days through the CBN interventions.
“We have already begun to see shifts in the positive direction. Indeed they (CBN measures) have already started yielding early results with significant interest from foreign portfolio investors which was a concern. That has already begun to supply the much-needed foreign exchange to the economy.
The CBN Chief said with the numbers available, he can say that the market has been responding to the policies they have put in place.
