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HomeNewsCentral Bank's Initiatives Begin to Alleviate Economic Hardship, Asserts CBN Chief

Central Bank’s Initiatives Begin to Alleviate Economic Hardship, Asserts CBN Chief

 

The Central Bank of Nigeria (CBN) is seeing promising outcomes from its initiatives aimed at addressing the nation’s economic challenges, according to statements made by CBN Governor, Olayemi Cardoso.

Speaking before the Senate Committee on Finance, Banking, Insurance, and Financial Institutions, Cardoso highlighted the positive impact of the CBN’s strategies on the economy. The session, which also included key members of the economic team such as Minister of Finance, Wale Edun, Minister of Budget and Economic Planning, Atiku Bagudu, and Minister of Agriculture, Abubakar Kyari, focused on tackling the current economic downturn, particularly the devaluation of the Naira and soaring food prices.

In addressing the depreciation of the Naira, Cardoso emphasized the effectiveness of measures aimed at promoting a market-driven approach to exchange rate determination. He underscored the potential of these measures to bolster foreign exchange inflows, stabilize the exchange rate, and mitigate its impact on domestic inflation.

Highlighting early signs of progress, Cardoso pointed out the increased interest from Foreign Portfolio Investors (FPIs) who have begun supplying much-needed foreign exchange to the economy. Notably, recent activities, such as the oversubscribed Nigeria Treasury Bill auction, which attracted over $1 billion in investments, demonstrate the growing confidence in Nigeria’s economic prospects.

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Cardoso also stressed the importance of managing the country’s foreign exchange demand to ensure the sustainability of these initiatives. By improving USD supply and curbing excessive demand, the CBN aims to mitigate exchange rate volatility and foster economic stability.

As the CBN continues its efforts to navigate economic challenges, the outcomes of these initiatives are anticipated to provide relief and pave the way for sustained growth and stability in Nigeria’s economy.

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