BusinessHighlight

We must moderate our demands for forex, says Cardoso

Speaking on monetary policies to tackle the ongoing inflation in the country, the CBN governor insisted the switch to a single rate was an intentional model to help improve investment credibility in the country.

801

The governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has called on Nigerians to cut down on their demands for forex.

Cardoso, who disclosed this during a briefing of the Joint Senate Committee on Finance, Banking, Insurance, and Financial Institutions on Friday, said the apex bank had little power to intervene but would explore partnerships to ease the forex crisis.

Persecondnews reports that the committee summoned the Central Bank Governor to appear before it on January 31 amid concerns about the state of the economy and the sharp decline of the naira in the foreign exchange market.

He said: “We must moderate our demands for forex. Where there are opportunities to substitute locally, we should.

”The total quantum for education and medicine is more than our external reserves. If we can up our game in education and medicine, there won’t be a need for our people to go abroad.”

The continual scramble for the dollar by Nigerians to pay tuition fees as well as medical and import bills has continued to pile pressure on the Naira, as many have turned to the black market as a viable option due to limited access to forex, Persecondnews reports.

Speaking on monetary policies to tackle the ongoing inflation in the country, the CBN governor insisted the switch to a single rate was an intentional model to help improve investment credibility in the country.

Cardoso said: ”We are working very hard to bring back credibility to the CBN.

”If we are doing the right thing, investors will come. For them to come, they have to believe that you will do the right things. I also want to say that in establishing credibility, there are certain things that we need to do.”

Speaking further, the CBN governor revealed that the apex bank’s interventions have resulted in an influx of $1 billion into the Nigerian market in recent days.

“We have already begun to see shifts in the positive direction. Indeed, the measures have already started yielding early results with significant interest from foreign portfolio investors, which was a concern.

“That has already begun to supply much-needed foreign exchange to the economy.

“For example, upward of the past few days, we have had over $1 billion that has come into the market, and this quite frankly has answered the question of if our policies are working,” Cardoso added.

Leave a comment

Related Articles

Jose Peseiro trolled online for playing injured Ola Aina in AFCON final

Super Eagles coach Jose Peseiro got brutally trolled online for playing Ola...

AFCON: Nigeria’s performance was built on collective efforts – FG

The Minister of Sports Development, Sen. John Owan Enoh, has attributed Nigeria’s...

Only 5% of Nigerians have above N500,000 in their bank accounts – FG

The Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun,...

Deceased Ondo Gov. Akeredolu interred in Owo amid pomp as Pres. Tinubu extols him

Ondo State Governor, Mr Oluwarotimi Odunayo Akeredolu, who died in office in...

Ex-NBA President, Olumide Akpata, emerges Edo LP guber candidate

Former President of the Nigerian Bar Association and Edo State governorship aspirant,...

Father drowns, rescuing his underage son, who falls into well

In a last-minute effort to save his son, who mistakenly fell into...

Tinubu names Gbenga Alade as AMCON MD/CEO

President Bola Tinubu has appointed a new management team for the Asset...

Port Harcourt refinery to start producing 2.2m litres of diesel, petrol daily soon – FG

The Federal Government has announced that the Port-Harcourt Refinery is gearing up...

ECOWAS faces most difficult challenges since its formation – Ejime

A public affairs analyst, Mr. Paul Ejime, has lamented that the Economic...

Economic hardship: Lagos Govt. employees except teachers to work three days a week – Sanwo-Olu

Civil servants from grade levels 1 to 14 will start working three...

Tinted glass permit: Police to train enforcement officers, ICT analysts on issuance

In a bid to improve national security and curb criminal activities facilitated...

Senate Confirms Cardoso, Yuguda, 10 Others As Chair, MPC Members

The Senate has confirmed the appointments of the governor of the Central...

Breaking: Nigeria’s GDP grew by 3.46% in Q4 2023 – NBS

The National Bureau of Statistics (NBS) has announced growth in Nigeria’s gross...

FG stops exportation of cooking gas to crash price

The Federal Government, in its bid to crash the price of cooking...

Ex-Brazilian star Dani Alves jailed four years for rape

Ex-Brazilian star Dani Alves has been sentenced to four and a half...

Economic hardship: Nigerian military warns against calls for coup

The Nigerian military authorities have issued a stern warning to those calling...

Just in: After 26-month self-exile, Yoruba nation activist, Sunday Igboho returns to Nigeria

Chief Sunday Adeyemo, also referred to as Sunday Igboho, a foremost Yoruba...

Just in: 86 people murdered daily in South Africa — Police Minister

At least 86 people are killed daily in South Africa, according to...

Appointment: Kemi Nandap is the new Comptroller-General of Nigeria Immigration Service

The Nigeria Immigration Service (NIS) has a new Comptroller-General. She is Deputy...

Just in: Labour Party’s National Chairman, Abure, Arrested

The National Chairman of the Labour Party (LP), Mr Julius Abure, has...