Senators Hear Positive News As CBN Boss Reveals $1 Billion Surge In Market Amid Policy Changes

CBN Governor Yemi Cardoso, addressing the Joint Senate Committee on Finance, Banking, Insurance, and Financial Institutions on February 9, highlighted the positive outcomes of the central bank’s actions to stabilize foreign exchange rates. Cardoso emphasized that these measures are geared towards minimizing the impact of high exchange rates on inflation, as the two are closely linked………CONTINUE READING

Cardoso reported that the implemented measures have already shown promising results, contributing to the stabilization of foreign exchange rates. Notably, he mentioned that the Nigerian market has witnessed an influx of $1 billion in the recent days due to CBN interventions.

“We are observing positive shifts in the right direction. The CBN measures have swiftly generated interest from foreign portfolio investors, a concern we previously had. In the past few days alone, over $1 billion has entered the market, confirming the effectiveness of our policies,” stated Cardoso.

He went on to explain that the initiatives focused on enhancing the supply of US dollars in the Nigerian economy have the potential to reduce exchange rate volatility, subsequently aiding in the moderation of inflation. The CBN Governor expressed confidence that inflation is expected to decline this year, citing the inflation targeting framework and forecasting a moderation to 21.1 percent.

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Source: Bushradiogist