The Governor of the Central Bank of Nigeria, Olayemi M. Cardoso, has detailed plans to revive Nigeria’s economy, ensure stability, and instill confidence in the foreign exchange market.
Speaking at the 58th annual bankers’ dinner organized by the Chartered Institute of Bankers of Nigeria, Cardoso emphasized collaboration with stakeholders and the formulation of policies to create an enabling environment for sustained economic growth.
Rather than direct interventions, Cardoso stated, “Our catalytic role will support increased investment and private sector participation in the economy, improve access to finance for Micro, Small and Medium-scale Enterprises, and enhance financial services for the underbanked.”
He outlined key initiatives, including promoting specialized institutions, developing regulatory frameworks to unlock dormant capital, facilitating accelerated access to consumer credit, and expanding financial inclusion.
The CBN aims to work with experts to develop de-risking instruments that encourage private sector investment in critical industry verticals.
To enhance stability in the foreign exchange market, Cardoso revealed that the CBN has initiated the payment of unsettled forward foreign exchange obligations, with continued payments until all obligations are cleared. This intervention has positively impacted liquidity and contributed to the appreciation of the exchange rate.
In addition, the CBN recently lifted the ban on 43 items from accessing the official foreign exchange market, allowing market forces to determine exchange rates based on the Willing Buyer – Willing Seller principle.
The governor emphasized the importance of these measures in restoring confidence, curbing speculation, and ensuring a stable economic environment.
