BusinessHighlight

Forex: CBN working towards genuine price discovery – Cardoso

....says the naira is undervalued.

1.1k

The Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso, has said that the bank will work towards real price discovery in the foreign exchange market this year.

This is as the CBN boss said, the naira is undervalued.

Cardoso, who stated this while delivering the keynote address at the Nigeria Economic Group outlook for 2024 via virtual conference, said the CBN will execute inflation-taming policies through monetary policy instruments and collaboration.

He promised to maintain discipline in the forex market and promptly address any infractions and abuses.

He said: “We believe that the naira is currently undervalued, and coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term. This coordinated approach will contribute to a more balanced and stable exchange rate.”

Speaking on increasing the FX reserves, the CBN governor stated that the bank’s partnership with the Ministry of Finance and NNPCL will ensure that all foreign exchange inflow is returned to the bank, as it will result in the accretion of the country’s foreign reserve.

The governor added that the anticipated resumption of operations in the three refineries across the country will contribute to a reduction in the pump prices of PMS, which is a major contributor to the CPI basket.

“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 percent.

“The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lower policy rates, stimulating investment, fueling growth, and creating job opportunities,” he said.

Leave a comment

Related Articles

Rodri Brushes Off Vinicius, Real Madrid at Ballon d’Or ceremony

Recently crowned 2024 Ballon d’Or winner Rodri has downplayed the absence of...

Super Eagles Land in Abidjan, Gear Up for Benin Republic Clash

The Nigerian national football team, the Super Eagles, has arrived in Abidjan,...

Nigeria signs $1.2bln deal with CNCEC to revive aluminium smelter

Nigeria has taken a significant step towards reviving its dormant aluminium smelter...

VP Shettima Arrives in Benin City for Edo Governor’s Inauguration

Vice President Kashim Shettima has arrived in Benin City, Edo State capital,...

Breaking: Powerful explosion rocks Jos, many people feared dead

A devastating explosion shook the city of Jos on Tuesday morning, sending...

NNPC Ltd. boss, Mele Kyari, thrashes allegation of sabotaging Dangote Refinery as baseless

Mr. Mele Kyari, the Group Chief Executive Officer of the Nigerian National...

Infanticide: US places $25,000 bounty on fleeing Nigerian parent

The United States of America has offered a $25,000 reward for anyone...

Tinubu, Abiodun, Sanwo-Olu, others extol Pastor Tunde Bakare at 70

Pastor Tunde Bakare, the founder of Citadel Global Community Church, is a...

NNPC Ltd. Unveils Plan to Resolve Nigeria’s Energy Trilemma

Nigerian National Petroleum Company Limited (NNPC Ltd) Group CEO, Mr. Mele Kyari,...

Breaking: IPMAN Secures Direct Supply Deal with Dangote Refinery, Promises Steady, Affordable Fuel Nationwide

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a landmark...

“Operation Sweep”, FCT demolition squad, faces backlash from residents, Wike reacts

The recent demolition exercise by “Operation Sweep”, a task force set up...

Nov. 16 Ondo guber poll: Sensitive election materials arrive

Ahead of the Saturday, October 16 governorship poll in Ondo State, sensitive...

China’s imports from Nigeria soar to $15.1bln, 36.1% increase

China’s imports from Nigeria have reached an all-time high of $15.1 billion...

Vandals destroy TCN towers, disrupt power supply in Abuja

The Transmission Company of Nigeria (TCN) has reported a fresh attack on...

Amid opposition, Kano Rep. Jibrin promises to push Tinubu’s tax reform bills through in NASS

In spite of growing opposition to President Bola Tinubu’s controversial tax reform...

FCT Police bust notorious car theft syndicate, arrest suspect, recover 3 vehicles

The Federal Capital Territory (FCT) Police has confirmed the arrest of a...

Osimhen’s Brace Powers Galatasaray to 3-2 Win Over Samsunspor

Nigerian striker Victor Osimhen led Galatasaray to a thrilling 3-2 victory over...

Amotekun, Vigilante groups barred from Ondo gov. election – IGP Egbetokun

The Inspector-General of Police Kayode Egbetokun has banned Amotekun, Vigilante Groups, and...

NPA firefighters extinguish APMT crane fire, no fatalities recorded

The Nigerian Ports Authority (NPA) firefighters, with assistance from other sister agencies,...

Nigeria’s Okonjo-Iweala set to serve second term as WTO DG unopposed

The World Trade Organization (WTO) has confirmed that Dr. Ngozi Okonjo-Iweala will...