CBN reforms yielding positive results, says Cardoso

Recent reforms introduced by the Central Bank of Nigeria (CBN) are beginning to show positive results in the foreign exchange market, the governor of CBN, Mr. Yemi Cardoso, has said.

According to the apex bank governor, for the first time in a long while, Nigeria’s volume of transactions in the exchange market rose to $800 million.

He disclosed this when he appeared before the House of Representatives to brief them on the economy on Tuesday.

He said: “I want to emphasize that we are now at a turning point and bold reforms are underway across different segments of the economy.

” I’m confident that positive outcomes are already emerging and will become more apparent shortly.

“The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy.

“On that note, I am happy to inform you that, as of yesterday, the volume of transactions on our market was over $800 million. This is the first time in many years that it has achieved this level.”

Persecondnews reports that the scarcity of dollars in the domestic market has significantly contributed to the currency’s weakness.

However, the central bank has been actively addressing it by introducing various reforms.

Part of the reforms the CBN introduced included clearing the backlog of forex obligations.

Also, the apex bank has mooted plans to establish a singular foreign currency gateway bank, which will centralise all correspondent banking activities and provide incentives to individuals who hold foreign currencies outside the formal banking system.