During a joint briefing at the World Bank/IMF Spring Meetings in Washington DC, the Governor of the Central Bank of Nigeria (CBN), Cardoso, affirmed the institution’s commitment to achieving a stable exchange rate for Nigeria.
He acknowledged the likelihood of fluctuations in the exchange rate but noted recent signs of the naira strengthening, indicating progress in this regard.
Cardoso emphasized the CBN’s dedication to fostering stability and ensuring an appropriate price discovery level for the exchange rate, an ongoing endeavor.
Furthermore, he disclosed the CBN’s objective to double the current volume of diaspora remittances, acknowledging the ambitious nature of the target while expressing confidence in Nigeria’s capacity to achieve it.
Regarding foreign portfolio investors (FPI), Cardoso highlighted positive feedback received through ongoing engagement and dialogues, underscoring the importance of such interactions in updating investors on reforms and garnering support for Nigeria’s economic agenda.
He expressed optimism that this positive sentiment from FPIs will continue to improve based on recent interactions, reflecting a favorable outlook for Nigeria’s economic prospects.