The Central Bank of Nigeria (CBN) says it is doing everything possible to achieve a stable foreign exchange (FX) rate.
Yemi Cardoso, CBN governor, spoke on April 20 during a press
conference held at the annual meetings of the International Monetary Fund (IMF)
and World Bank Group.
He said the financial regulator is also working to ensure
that the exchange rate finds its adequate price discovery level.
“Again, to be honest, I think we should expect that there
will be increases here and there, ups and downs and even from what you’ve
reported yesterday, from what I gather, the naira has begun strengthening
overnight,” he said.
“So I think the most important thing to say here is that we
are doing everything possible to ensure that we have a stable exchange rate and
an exchange rate that finds its adequate price discovery level.”
He said the local currency will continue to appreciate
against foreign currencies.
On diaspora remittances, Cardoso said the bank’s target is
to double the present flows.
According to the CBN governor, the target may appear
ambitious, but he expressed confidence that the country will be able to
accomplish it.
Also, Cardoso said the country will continue to engage
investors in discussions centred on the state of the reforms implemented so
far.
He also said there has been positive response from foreign
portfolio investors (FPI).
“They’re part of a process of continuous engagement. And it
is so critical that we use any opportunity we can to dialogue with investors
and to update them on the state of the reforms that have taken place,” he said.
“So I think the most important thing to say here is that we
are doing everything possible to ensure that we have a stable exchange rate and
an exchange rate that finds its adequate price discovery level.”
He said the local currency will continue to appreciate
against foreign currencies.
On diaspora remittances, Cardoso said the bank’s target is
to double the present flows.
According to the CBN governor, the target may appear
ambitious, but he expressed confidence that the country will be able to
accomplish it.
Also, Cardoso said the country will continue to engage
investors in discussions centred on the state of the reforms implemented so
far.
He also said there has been positive response from foreign
portfolio investors (FPI).
“They’re part of a process of continuous engagement. And it
is so critical that we use any opportunity we can to dialogue with investors
and to update them on the state of the reforms that have taken place,” he said.
“The response from the foreign portfolio investors has been
very positive and it shows in the numbers and we expect from what the reactions
that we got during the course of the past few days, that positive sentiment
will continue to improve.”
Meanwhile, on April 20, the federal government had said it is considering the issuance of a diaspora bond to boost remittances.
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