The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has clarified that the apex bank does not determine the foreign exchange rate, stating that it is driven by economic fundamentals.
Speaking as a panelist at the launch of the Nigeria Development Update in Abuja this afternoon, Cardoso emphasized that he would adhere to traditional central banking principles.
In his words: “The CBN does not determine the exchange rate; it is determined by the fundamentals. The CBN will ensure that we adhere to that.”
Cardoso expressed confidence that strengthening collaboration with fiscal authorities would lead to more stability in the exchange rate.
He also highlighted efforts to increase foreign exchange inflows into the Nigerian economy, noting: “When we started, FX inflows were about $200 million, but through sheer determination, we now record $600 million.”
He further remarked on the positive shift in investor confidence, stating, “Before, many potential investors were on the sidelines. Now, it’s amazing to see how many have stepped forward to invest in Nigeria.