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Naira bullish gains restore confidence among investors, businesses – CBN Gov. Cardoso

"This liquidity boost instills confidence among investors, businesses, and other partners, ensuring fluidity in their interactions with Nigeria’s FX markets”

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The Governor of the Central Bank of Nigeria (CBN), Dr. Yemi Cardoso, said Naira bullish gains will attract foreign investment and restore confidence among investors, businesses, and other partners.

The apex bank chief, who spoke on Saturday at a briefing on the sidelines of the just-ended World Bank/IMF Spring Meetings in Washington, DC, United States, said the CBN’s foreign exchange reforms are paying off.

He said: “April saw the naira emerge as the best-performing currency globally, supported by bullish sentiment from leading international investment institutions.

“Our FX market is experiencing robust activity, with turnover reaching levels not seen in over seven years.

“This liquidity boost instills confidence among investors, businesses, and other partners, ensuring fluidity in their interactions with Nigeria’s FX markets.”

Cardoso also disclosed that succour is coming to Nigerians as the CBN has implemented a number of policy reforms to address inflation driven by rising food prices, transportation costs, and energy expenses.

He added: “However, we remain vigilant, recognizing the challenges that persist, such as elevated inflation driven by rising food prices, transportation costs, and energy expenses.

“We note that inflation, though rising, is doing so at a decelerating rate, and we are confident it will soon commence a fall.

“Security concerns in food-producing regions and infrastructure challenges also demand attention.

“The CBN has implemented a number of policy reforms to address some of these various pressures, and while I am confident enough today to talk about some of our early success, I am at the same time extremely mindful of our ongoing challenges.

“We still have work to do in solving all our problems. However, we do have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with our key stakeholders, including investors, banks, businesses, and, notably, our counterparts on the fiscal side.”

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