Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has urged Nigerians to exercise patience as the apex bank works diligently to strengthen the Naira. He made this appeal during a public lecture held at the CBN Centre of Excellence Hall, University of Ibadan on Thursday, February 22.
Speaking at the event, Dr. Cardoso, who was represented by Dr. Usman Opanachi from the Department of Monetary Policy at the CBN, acknowledged the challenges facing the Naira and emphasized the CBN’s commitment to addressing them.
He highlighted the significant impact of the exchange rate on various sectors of the economy, noting that high inflation and exchange rate volatility are pressing issues. Dr. Cardoso acknowledged the longstanding problem of excess demand for foreign exchange (forex) in Nigeria and outlined the CBN’s efforts to tackle this issue over the years.
Dr. Cardoso clarified that the CBN does not produce or supply dollars but rather focuses on managing the value of the Naira. He explained that the CBN’s approach under the new management is to allow market forces to play a greater role in determining the Naira’s exchange rate.
Furthermore, he emphasized that the CBN’s policies are aimed at addressing the challenges in the forex market, and the bank is committed to implementing measures to stabilize the Naira. Dr. Cardoso assured Nigerians that despite the current difficulties, the CBN is working tirelessly to find solutions and expressed optimism that things will improve over time.
In conclusion, Dr. Cardoso reiterated the importance of patience and understanding from the public as the CBN continues its efforts to strengthen the Naira and stabilize the economy.
