Tuesday, April 23, 2024
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HomeFinanceCBN is Working To Strengthen Naira - Cardoso Tells Nigerians

CBN is Working To Strengthen Naira – Cardoso Tells Nigerians

At a recent public lecture organized by the Nigerian Economic Society, Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), reassured Nigerians of the bank’s efforts to bolster the Naira’s value, urging patience during the process.

Cardoso emphasized the CBN’s commitment to addressing challenges surrounding the Naira, acknowledging the impact of exchange rates and inflation on various sectors of the economy.

He highlighted the CBN’s adoption of market forces to determine the Naira’s price, aiming for a more sustainable approach to exchange rate management.

Renowned economist Prof. Sam Olofin cautioned that controlling foreign exchange might prove challenging, noting the dominance of parallel market forces.

In addressing economic woes, President of the Nigerian Economic Society, Prof. Adeola Adenikinju, advocated for government consultation with economists.

Amid nationwide protests against economic hardship, Governor Babajide Sanwo-Olu of Lagos State unveiled intervention measures, including a 25% reduction on food purchases over N25,000 and the establishment of soup kitchens to aid vulnerable residents.

Similarly, Governor Dapo Abiodun of Ogun State announced plans to sell 100 trucks of rice at subsidized rates, with free allocations for the poor, elderly, and vulnerable segments of the population.

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