In a recent public lecture organized by the Nigerian Economic Society, Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), appealed to Nigerians for patience as the apex bank works tirelessly to bolster the Naira.
Speaking at the event titled ‘Recent Developments in a Nigerian Foreign Exchange Market: Issues, Options and Way Forward’, Dr. Cardoso, represented by Dr. Usman Opanachi of the CBN’s Department of Monetary Policy, emphasized the bank’s commitment to addressing the challenges facing the national currency.
According to vanguard. Cardoso highlighted the significance of the exchange rate in various sectors, acknowledging the current high levels of inflation and the persistent challenges posed by excessive demand for foreign exchange in Nigeria.
He emphasized the CBN’s adoption of market forces to determine the Naira’s price, recognizing the limitations of artificially controlling the exchange rate.
Renowned economist Prof. Sam Olofin, delivering a lecture at the event, expressed skepticism about the CBN’s ability to fully control the foreign exchange market, noting the dominance of parallel market forces.
MORE NEWS ON NAIRA, CLICK HERE.
He underscored the need for a more effective approach to address the evolving dynamics of the Nigerian Foreign Exchange Market.
President of the Nigerian Economic Society, Prof. Adeola Adenikinju, in his welcome address, urged the Federal Government to seek input from economists to address the challenges of the weak economy.
1 thought on “Be patient, CBN working to strengthen Naira – Cardoso begs Nigerians”