The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has blamed the naira’s decline and instability on the “seasonal demand” of the global foreign exchange market.
Speaking at the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, Mr Cardoso said the naira’s instability reflected the interplay between demand and supply.
In his words, “Members observed the recent volatility in the foreign exchange market attributing this to seasonal demand, a reflection of the interplay between demand and supply freely functioning market system.
Cardoso however, said the officials were working out modalities that would relieve the nation from the economic burden of “seasonal demands.”
According to him, “There is light at the end of the tunnel,” Mr Cardoso said Tuesday. “We are beginning to get some reliefs” which he said were proofs that “the tools that the CBN is using is working.”
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