Be Patient: CBN Committed To Naira’s Stability, Says Cardoso

Be Patient: CBN Committed To Naira’s Stability, Says Cardoso....KINDLY READ THE FULL STORY HERE▶

Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), urged Nigerians to exercise patience as the CBN works tirelessly to strengthen the Naira. The assurance was given during the 2024 public lecture organized by the Nigerian Economic Society at the CBN Centre of Excellence Hall, University of Ibadan……….CONTINUE READING

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Represented by Dr. Usman Opanachi from the Department of Monetary Policy, CBN, Cardoso acknowledged the challenges faced by the Naira and emphasized the CBN’s commitment to addressing them. He highlighted the significant role of the exchange rate in various sectors and the current high levels of inflation, attributing them to the ongoing issues with the Naira.

Cardoso outlined the CBN’s approach, stating that the management now adopts a market forces approach, allowing market dynamics to play a greater role in determining the Naira’s price. He acknowledged the historical challenge of excess demand for foreign exchange in Nigeria and expressed optimism that the new strategies would yield positive results.

Renowned economist Prof. Sam Olofin, delivering the lecture, expressed skepticism about the CBN’s ability to control foreign exchange, noting the dominance of parallel market forces. Olofin suggested the need for new approaches, stating that the existing strategies have not produced desired outcomes.

In a related development, President of the Nigerian Economic Society, Prof. Adeola Adenikinju, urged the Federal Government to consult economists on addressing the nation’s economic challenges.

Meanwhile, protests against economic hardship occurred in Osun State, where a coalition of civil societies took to the streets to raise awareness. The protesters demanded government intervention to alleviate the suffering of Nigerians.

Governor Babajide Sanwo-Olu of Lagos State revealed various intervention measures aimed at reducing the economic burden on residents. These measures include a 25% reduction on food purchases over N25,000, the establishment of soup kitchens, Sunday markets with discounted rates, and free health missions in selected districts.

In Ogun State, Governor Dapo Abiodun disclosed the purchase of 100 truckloads of rice to be sold at affordable rates. He assured free allocation for the poor, elderly, and vulnerable individuals to mitigate the impact of rising prices on essential goods.

As economic challenges persist, state governments are exploring diverse strategies to alleviate the burden on citizens, acknowledging the need for collaborative efforts to navigate the complex economic landscape.

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