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Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, recently stated that his job is the second most difficult globally.
Despite the challenges, he remains optimistic that the reforms implemented under his regime will yield positive results.
The Naira, the Nigerian currency, has been experiencing a significant decline against the US dollar.
As it nears the N1,700/$ exchange rate, Cardoso acknowledges the difficulties faced by the country’s economy.
However, he believes that there is light at the end of the tunnel.
During the opening of the 2024 First Plenary Assembly of the Catholic Bishops Conference of Nigeria (CBCN), Cardoso addressed the efforts taken to stabilize the Naira.
He mentioned that despite the difficulties, the recent influx of $1.8 billion into the markets and the implementation of various reforms are positive signs.
Cardoso also mentioned that the apex bank will soon hold the Monetary Policy Committee (MPC) meeting to make critical decisions that will make the economy more investor-friendly.
He highlighted the attempt to merge the official rate with the black market rate, which has resulted in a significant decrease in the difference between the two. ‘
Despite the governor’s assurances, the Naira continues to experience a free fall in the unofficial market.
As of Monday, February 19, 2023, the Naira is selling at N1,680.8/$1 in the Peer-to-Peer market.
