In a significant turn of events, Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), announced a remarkable milestone in the country’s foreign exchange market. Speaking at the sectoral debate on the economy with the House of Representatives, Cardoso expressed optimism about Nigeria’s economic resurgence, citing recent policy interventions by the CBN.
Cardoso confidently asserted, “Positive outcomes are emerging, and they will become more apparent shortly. The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy.” He went on to reveal a groundbreaking achievement, stating, “As of yesterday, the volume of transactions on our market exceeded $800 million. This marks the first time it has reached such heights in many years.”
The recent fluctuations in the Naira against the US dollar have been a cause for concern, with the currency falling to N1,500 before stabilizing at N1,419.86. However, data from FMDQ on Tuesday indicated a slight dip to N1,433.89 per US dollar.
In response to the currency challenges, the CBN has implemented a series of proactive measures in the past seven days. Last week, the CBN issued the ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology.’ Additionally, the central bank released guidelines to curb foreign currency hoarding and speculation.
Furthermore, the apex bank introduced fresh guidelines for International Money Transfer Operators (IMTOs) in Nigeria, removing the cap on the exchange rate quoted by these operators. These strategic reforms underscore the CBN’s commitment to stabilizing the forex market and fostering economic recovery.
As Nigeria navigates these challenging times, the surge in forex market transactions and the CBN’s dynamic policy interventions signal a potential turning point. The $800 million milestone reflects a renewed investor confidence, and with ongoing efforts, the Nigerian economy may well be on the path to a robust recovery.
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