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CBN working to stabilise Naira – Cardoso

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CBN working to stabilise Naira – Cardoso

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…says ‘there’ll be ups and downs’

Central Bank of Nigeria has assured that it is doing everything possible to achieve a stable foreign exchange rate.

CBN Governor, Yemi Cardoso, gave this assurance during a press conference held at the annual meetings of the International Monetary Fund and World Bank Group.

Cardoso said the apex bank is also working to ensure that the exchange rate finds its adequate price discovery level.

He said, “Again, to be honest, I think we should expect that there will be increases here and there, ups and downs and even from what you’ve reported yesterday, from what I gather, the naira has begun strengthening overnight.

“So I think the most important thing to say here is that we are doing everything possible to ensure that we have a stable exchange rate and an exchange rate that finds its adequate price discovery level.”

The apex bank boss said the local currency would continue to appreciate against foreign currencies.

On diaspora remittances, Cardoso said the bank’s target is to double the present flows.

He said although the target may appear ambitious, he expressed confidence that the country will be able to accomplish it.

Cardoso further said Nigeria will continue to engage investors in discussions centred on the state of the reforms implemented so far.

He also said there has been positive response from foreign portfolio investors (FPI).

He said, “They’re part of a process of continuous engagement. And it is so critical that we use any opportunity we can to dialogue with investors and to update them on the state of the reforms that have taken place.

“The response from the foreign portfolio investors has been very positive and it shows in the numbers and we expect from what the reactions that we got during the course of the past few days, that positive sentiment will continue to improve.”

Meanwhile, Federal Government has said it is considering the issuance of a diaspora bond to boost remittances.