CBN Governor And Cardoso Unveil Timeline For Naira Stabilization

CBN Governor And Cardoso Unveil Timeline For Naira Stabilization....KINDLY READ THE FULL STORY HERE▶

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has indicated that the naira is poised for stabilization with the influx of foreign investments into the country. Speaking during an interview with Arise Television on Monday, Cardoso attributed the positive outlook to the economic reforms implemented by the Bola Tinubu government, which has garnered increased interest from investors………CONTINUE READING

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Cardoso emphasized that foreign investors are closely studying the ongoing reforms and the overall economic progress in Nigeria. According to him, the participation of international investors in the Nigerian market is on the rise, and their understanding of the reforms is influencing their decision to invest in the country.

Highlighting the significance of foreign investments, Cardoso asserted that as more investors pour funds into Nigeria, the volatility of foreign exchange will decrease, contributing to the stability of the naira. He remarked, “Today, I would say that we have a situation where a lot of foreign portfolio investors are very interested in coming back to the Nigerian market.”

The CBN governor expressed confidence in the impact of reforms and strategic financial decisions, such as directing crude oil sales funds to the central bank. According to Cardoso, this move enhances the confidence of foreign investors in Nigeria, ultimately fostering a stable economic environment.

Commenting on recent measures, he stated, “The recent move to have NNPC and some of the other MDAs move their funding straight to the central bank also sends a very powerful signal and boosts investors’ confidence.” Cardoso anticipates that as investor confidence strengthens and capital flows into the country, the reduction in volatility will contribute to the stabilization of the foreign exchange market and, subsequently, the undervalued naira.

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Source: Bushradiogist