Addressing the challenges stemming from a scarcity of dollars, the Central Bank of Nigeria (CBN) has affirmed its adoption of strategies to alleviate the situation.
During the sectoral debate series organized by the House of Representatives, CBN Governor Yemi Cardoso assured Nigerians of the bank’s proactive measures. He acknowledged the high cost of living in the country but highlighted the improvement of the nation’s economy since President Bola Tinubu assumed office from Muhammadu Buhari on May 29, 2023.
Cardoso stated, “To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the foreign exchange markets. These include unifying foreign exchange market segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs, enforcing the Net Open Position limit, and adjusting the remunerable Standing Deposit Facility cap.”
Despite recognizing the economic challenges, the CBN governor expressed confidence in the ongoing reforms, emphasizing their sustainable impact. He highlighted positive outcomes arising from the reforms, citing international rating agencies’ and multilateral banks’ upgrades of Nigeria’s ratings from stable to positive as evidence of progress.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, assured Nigerians that normalcy would return soon, attributing this to the crude oil production hitting 1.65mbd and palliatives rolled out by the Federal Government. He emphasized the need to focus on domestic resource mobilization despite inflation and high living costs, expressing optimism about the future.
The Minister of Budget and National Planning, Atiku Bagudu, and Chairman of the Federal Inland Revenue Service, Zacch Adedeji, also made presentations during the event.
