The Central Bank of Nigeria (CBN) said the apex bank is putting in the work to achieve a stable foreign exchange (FX) rate.
Yemi Cardoso, CBN governor stated this during a press conference held at the annual meetings of the International Monetary Fund (IMF) and World Bank Group.
Cardoso stated that the financial regulator is working to ensure that the exchange rate finds its adequate price discovery level.
In his words, “To be honest, I think we should expect that there will be increases here and there, ups and downs and even from what you’ve reported yesterday, the naira has begun strengthening overnight.
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“So I think the most important thing to say here is that we are doing everything possible to ensure that we have a stable exchange rate and an exchange rate that finds its adequate price discovery level.”
According to Cardoso, the target may appear ambitious, but he expressed confidence that the country will be able to accomplish it.
He further disclosed that there has been positive response from foreign portfolio investors (FPI).
“They’re part of a process of continuous engagement. And it is so critical that we use any opportunity we can to dialogue with investors and to update them on the state of the reforms that have taken place.
“The response from the foreign portfolio investors has been very positive and it shows in the numbers and we expect from what the reactions that we got during the course of the past few days, that positive sentiment will continue to improve,” he added.
